Wind Energy
Vietnamese steel giant Hoa Phat Group has invested VND600 billion (US$22.78 million) to acquire a 30-percent stake in Song Hau Offshore Wind Power JSC.
Sonh Hau is a renewable energy company with charter capital of VND2 trillion (US$76 million).
The investment marks Hoa Phat’s entry into offshore wind and solar power generation.
The move follows a restructuring of the steelmaker’s business portfolio, which now includes electricity transmission, distribution, financial services, automotive trading, furniture production, and IT infrastructure.
Hoa Phat’s participation in offshore wind is seen as part of its broader strategy to secure energy supplies and reduce reliance on external sources, the expert added.
By investing in wind power, Hoa Phat is diversifying into clean energy, potentially lowering costs and meeting emission reduction requirements in steel production.
