On November 8, SHIZUOKA GAS CO., LTD.(Representative Director and President (COO): Yoshitake Matsumoto) reached a final agreement with Hoan Loc Viet Joint Stock Company (“HLV”), which is developing renewable energy in Vietnam, to acquire 25% shares of My Son-Hoan Loc Viet Solar Energy JSC (“MSHLV”) which is an affiliate of “HLV” that manages and operates solar power plants from “HLV”. Thus, Shizuoka Gas will participate in solar power businesses in Vietnam. This will be the first time for Shizuoka Gas to develop a business in Vietnam.

 

 

MSHLV owns the 50MW-class mega solar power plant “Myson Power Plant”, located in Ninh Thuan Province in the central-southern part of Vietnam, which has favorable solar radiation conditions. The plant has been in commercial operation*² since June 2019.

The power plant's projected annual power generation in fiscal year 2024 is approx. 78million kWh, equivalent to the annual power consumption of approx. 40,000 average Vietnam households.

 

In Vietnam, demand for electricity is increasing along with economic growth, but the development of power generation infrastructure has not been well developed, and chronic power shortages have become a social issue. To meet the ever-growing demand for electricity and achieve carbon neutrality by 2050, the Vietnamese government aims to roughly double the country's power generation capacity by 2030 compared to 2022 levels*³ and increase the proportion of renewable energy sources in the country by approx. 29% by 2045 compared to 2020 levels*⁴.

Through its partnership with HLV, we will help alleviate power shortages and promote the development of renewable energy in Vietnam, while contributing to sustainable economic growth.

 

Shizuoka Gas Group will continue to support the realization of a carbon-neutral society and contribute to the development of local communities both inside and outside Japan.

*1 The HLV Group owns 60% of MSHLV's shares.

*2 The electricity generated at the Myson Power Plant is transmitted over an approx. 8km privately operated line and purchased by Vietnam Electricity for a certain period under the FIT system (feed-in tariff).

*3 From Vietnam’s Eighth National Power Development Plan (PDP8) approved by the Vietnamese government in May 2023.

*4 From the report by the Japan External Trade Organization (JETRO) in May 2022.

(https://www.jetro.go.jp/ext_images/_Reports/01/2cdcfeb62193c5a8/20220002.pdf)

 

Profiles of Related Companies

 

1．HLV

Company Name	Hoan Loc Viet Joint Stock Company
Head Office Location	Ho Chi Minh City, Vietnam
Representative	Phan Vu Tuan (CEO)
Established	February 2007
Lines of Business	Investment in renewable energy power generation and creation of other investment opportunities

 

2．MSHLV , An affiliate of HLV

Company Name	My son-Hoan Loc Viet Solar Energy Joint Stock Company
Head Office Location	Ninh Thuan Province, Vietnam
Representative	Phan Vu Tuan (Chairman)
Established	January 2018
Lines of Business	Solar power plant management and operation