The Coal Trader

Sev.en Acquires AES Corp Vietnam Coal-Fired Power Plants

AES Corporation has entered into a definitive agreement to divest its majority stake in the Mong Duong 2 coal-fired power plant in Vietnam to Sev.en Global Investments, marking a significant step in its strategy to exit coal operations by the end of 2025. The transaction, announced today, involves the sale of AES’s controlling interest in the facility that has been supplying electricity to Hanoi and the northern provinces since 2015 under a Power Purchase Agreement (PPA) with Vietnam Electricity (EVN).

The move is part of AES’s broader commitment to Vietnam’s energy sector, where it continues to support sustainable energy initiatives. This includes advancing key projects like the Son My LNG terminal, which received approval from the Binh Thuan People’s Committee, and the Son My 2 gas-fired power plant, in partnership with PV Gas.

AES EVP and President of Energy Infrastructure Juan Ignacio Rubiolo highlighted the company’s strategic partnership with Vietnam, focusing on supporting the country’s transition to sustainable energy while ensuring the reliability of electricity supply.

Sev.en Global Investments is set to take control of the Mong Duong 2 plant, pending regulatory approval from the Vietnamese authorities. The acquisition aligns with AES’s timeline and commitment to reducing its carbon-intensive assets.