Japanese power giant dips toe into Vietnam hydropower

The acquisition of a 33.4% stake in Viet Hydro by Tokyo Electric Power Company (TEPCO) marks a profitable turnaround in a distressed infrastructure asset. Will others follow?

Taking over a struggling hydro-electric project in the remote northern mountains of Vietnam and successfully selling it on to one of Asia's largest power companies within six years is every infrastructure investor's dream.

Earlier this month that dream became a reality for one investor when the Tokyo Electric Power Company bought into the Coc San Hydropower project.

Early work on the plant  a $44.5 million, 29.7 megawatt MW run-of-river plant located in the Lao Cai Province  stalled in 2011 after the project's local developer fell victim to the Vietnam banking crisis when it failed to secure long-term debt financing.

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