Iberdrola Acquires Sowitec Vietnam’s 550 MW Green Pipeline
Iberdrola is continuing its growth in Asian Pacific renewable energy markets, with the acquisition of Sowitec Vietnam, a company with a 550-MW renewable pipeline under development. The pipeline consists of six projects, five onshore wind farms and a 50-MW floating photovoltaic project. The projects, set to be developed between 2022 and 2024 and with capacities ranging between 50 MW and 250 MW, are being developed as part of Vietman's energy strategy, which aims to mainly cover the growth of energy demand with renewable sources.
This South East Asian country foresees the installation of more than 20,000 MW of renewable capacity by 2030 under long-term power purchase agreements which will require foreign investment. The country, which foresees strong growth in both electricity demand and GDP, maintains a free trade and foreign investment protection agreement with the European Union, signed in 2020.
The acquired company was part of the German Sowitec group, with presence in 14 countries and a track record of more than 6,000 MW renewables.