Iberdrola acquires SOWITEC Vietnam with a portfolio of five wind projects under development and a floating solar project with a total of 550 MW
Sonnenbühl, 22. July 2021 – SOWITEC Group sells its Vietnamese operations to Iberdrola whose strong commitment to markets with growth potential in Asia Pacific reinforces a favorable outlook for the final stages of development and implementation of the 550 MW renewable portfolio under development by Sowitec Vietnam, distributed in six projects: five wind farms and a 50 MW floating photovoltaic project.
SOWITEC has been active in Vietnam since 2017 and founded a local subsidiary: SOWITEC Vietnam. The portfolio is located in various Vietnamese provinces and was developed by the local team of SOWITEC.
Vietnam foresees the installation of more than 20,000 renewable MW before 2030 which will require foreign investment. The country foresees strong growth in electricity demand and GDP and maintains a free trade and foreign investment protection agreement, signed in 2020, with the European Union.
“We are pleased to have found a strong investor for our Vietnamese project portfolio with Iberdrola. This sale is another important milestone and shows once again the great confidence in SOWITEC and in our projects”, says Frank Hummel, CEO of SOWITEC.
As one of the leading global project developers for renewable energies, SOWITEC is active in 14 countries with a focus on the rapidly growing emerging and developing countries. With almost 160 employees, SOWITEC covers all areas of solar and wind power project development: from planning and conception, energy and profitability calculations, through construction management, sales and financing to the technical and commercial management of wind and solar parks. More than 60 wind and solar projects with over 3,100 MW developed by SOWITEC are currently in operation or under construction in eight countries, while additional 2,000 MW have been sold to final investors and are currently under final structuring.
Iberdrola is one of the largest global energy companies - the world's third largest by market capitalization and a leader in renewable energy - leading the energy transition towards a low-carbon economy. The group provides energy to nearly 100 million people in dozens of countries and conducts its renewable, grid and trading activities in Europe (Spain, UK, Portugal, France, Germany, Italy and Greece), the United States, Brazil, Mexico and Australia and, as growth platforms, maintains markets such as Japan, Ireland, Sweden and Poland.