PRESS RELEASE – GELEX agrees to enter into investment cooperation with Sembcorp

Hanoi, November 11, 2023, GELEX Group Joint Stock Company announces the agreement on investment cooperation with Sembcorp Industries. Through its subsidiary, Sembcorp Industries will acquire shares or contribute capital in GELEX Group’s operating power projects.

GELEX’s operating power portfolio includes wind, solar, and hydro power plants with total capacity of 245 MW.

After this step, the parties will seek necessary regulatory approvals and proceed with necessary legal procedures to effect the transaction.

Sembcorp, headquartered in Singapore, is a leading energy and integrated urban solution provider. This transaction is expected to increase Sembcorp’s renewable energy portfolio in Vietnam (including wind, solar, and hydro power) to over 450 MW.

Along with the above agreement, GELEX and Sembcorp intend to cooperate in development of new renewable energy projects, contributing to the energy transition and sustainable development of Vietnam.

By cooperating with Sembcorp, GELEX Group continues to realize its strategy of developing a partnership ecosystem with leading multinational corporations to expand markets and value chains for its core businesses.

GELEX expects that the combination of GELEXs reputation and domestic capacity with Sembcorp’s management strength and international experience will create great successes, bring benefits to both parties, and contribute to the economic development of Vietnam.