UOB & ORIX invest $50mn in Bitexco PowerUOB Venture Management (UOBVM), a wholly-owned subsidiary of Singapore's United Overseas Bank Limited (UOB), and Japan’s ORIX Corporation have announced they will each invest $25 million in the Bitexco Power Corporation, one of the largest private hydropower companies in Vietnam. “The acquisition by globally-renowned institutions, UOB and ORIX, will help enable Bitexco Power to continue its rapid growth in the increasingly dynamic Vietnamese renewable energy space,” said Mr. Ian Fox, CEO of Bitexco Power. Following this investment in Bitexco, ORIX will cooperate further with partners in expanding its business in the renewable energy sector not only in Vietnam but also across Asia. It plans to use the new capital for business expansion purposes and consolidate its market leadership position within the renewable energy sector. The investment in Bitexco Power will be allocated from its ASEAN China Investment Fund III.

Source: VietNamNet News September 07, 2016 04:30 UTC