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The AES Corporation signed an agreement on December 31, 2020, to sell its entire equity interest in the 1,242 MW Mong Duong 2 coal-fired power plant in Vietnam to a consortium led by a US-based investor. (Photo: Glassdoor)

The AES Corporation signed an agreement on December 31, 2020, to sell its entire equity interest in the 1,242 MW Mong Duong 2 coal-fired power plant in Vietnam to a consortium led by a US-based investor. This transaction is expected to close in late 2021 or early 2022, subject to customary approvals, including from the Government of Vietnam and the minority partners in Mong Duong 2.

The deal is in line with the company's strategy to invest in renewables and LNG infrastructure as it expects to achieve zero emissions from electricity by 2050. The company said it was making progress on the development of the 450 trillion British thermal units Son My LNG terminal with PetroVietnam and the 2,250 megawatts Son My 2 combined cycle gas power plant as part of its gas and renewables push, according to Today.

The AES Corporation is a Fortune 500 global energy company accelerating the future of energy. (Photo: Quang Ninh News)

AES owns a 51% equity interest in Mong Duong 2, Posco Energy Company Limited owns 30% and Stable Investment Corporation, a subsidiary of China Investment Corporation, owns the remaining 19%. The construction of Mong Duong 2 was completed in 2015 under a Build-Own-Transfer (BOT) contract, with a 25-year Power Purchase Agreement (PPA) with Vietnam Electricity (EVN).

"We have had a very positive experience in developing, building and owning Mong Duong 2 and Vietnam remains an important growth market for AES, where we look forward to contributing to the country's transition to a more sustainable energy future," said Andrés Gluski, AES President and Chief Executive Officer. "In line with our global strategy to invest in renewables and LNG infrastructure, in Vietnam, we continue to make good progress on the development of the 450 TBTU Son My LNG terminal with PetroVietnam (PVN) and the 2,250 MW Son My 2 combined cycle gas power plant."

AES Mong Duong Power Company Limited is a limited liability company formed by the affiliates of The AES Corporation, Posco Energy, and China Investment Corporation. (Photo: AES Mong Duong)

Vietnam’s electricity demand has increased at a rapid pace—an average of 10 percent per year over the past five years. To keep up with demand, the country will need a significant amount of new capacity, requiring $150 billion in capital investments for generation and grid upgrades, according to Electricity of Vietnam (EVN’s) estimates. Given the country’s natural hydro endowments and lower-cost solar and wind power, Vietnam has been developing renewables, along with LNG-to-power and coal-based projects.

The AES Corporation is a Fortune 500 company that generates and distributes electrical power. AES is headquartered in Arlington, Virginia, and is one of the world's leading power companies, generating and distributing electric power in 15 countries and employing 10,500 people worldwide. The company was founded on January 28, 1981, as Applied Energy Services by Roger Sant and Dennis Bakke, two appointees of the Federal Energy Administration under US president Richard Nixon.

AES Mong Duong Power Company Limited (the “BOT Company”), formerly the AES-VCM Mong Duong Power Company Limited, owner of Mong Duong 2 BOT Power Project, is a limited liability company formed by the affiliates of The AES Corporation (USA), Posco Energy (Korea) and China Investment Corporation (China).

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