JERA concludes acquisition of minority stake in in Gia Lai Electricity Joint Stock Company

JERA Co. Inc. has completed the acquisition of a 35.1% stake in Gia Lai Electricity JSC (GEC) from the energy development arm of TTC Group. The acquisition was made through a full buy-out of the GEC shares previously owned by the International Finance Corporation (IFC) and AVH Pte. Ltd, which is the investment vehicle of Armstrong S.E. Asia Clean Energy Fund Pte. Ltd. The deal was completed in December 2022 after clearing local regulatory requirements. 

Notably, GEC has a platform consisting of a mix of run-of-the-river hydro, solar, and wind assets in various stages of development and operation, including 500+ MW of operational capacity, approximately 300 MW of solar assets, 150 MW of wind assets, and 1.5+ GW of development pipeline that is largely comprised of utility-scale wind and solar plants along with rooftop solar systems.

With over 77 GW of domestic and overseas power generation capacity, including projects still under construction, JERA is responsible for approximately a third of the total nationwide power generation in Japan. This acquisition will enable the company to expand its portfolio even further and increase its share in the energy market.