AES Announces Sale of Mong Duong 2 Plant in Vietnam in Next Decarbonization Milestone

November 30, 2023

The AES Corporation (NYSE: AES) announced it has reached an agreement with Se.ven Global Investments to sell its 51% equity stake in the Mong Duong 2 coal-fired plant in Vietnam. Following approvals by the Government of Vietnam and the Ministry of Industry and Trade, the anticipated close for the transaction is in line with AES’ intent to exit the majority of its coal assets by the end of 2025.

The 1,242 MW plant has been in operation since 2015, delivering power to Hanoi and northern Vietnam under a 25-year Power Purchase Agreement (PPA) with state-owned utility Vietnam Electricity (EVN). 

“AES values its strong business relationship with Vietnam, where we have been a strategic partner delivering reliable power while supporting Vietnam’s long-term energy transition goals,” said Juan Ignacio Rubiolo, AES EVP and President, Energy Infrastructure. “This sale would advance AES’ low-carbon goals while enabling AES to continue to play a role advancing diverse energy solutions to meet the growing electricity demand in the country.”

Based in Czech Republic, Se.ven is a family-owned company with expertise developing and operating conventional power plants and mining assets around the world.

AES continues to develop the 450 TBTU Son My LNG terminal with PetroVietnam Gas (PV Gas), which received Investment Policy Approval by Binh Thuan People’s Committee in July 2023, and the 2,250 MW Son My 2 combined cycle gas power plant in Vietnam.

About AES

The AES Corporation (NYSE: AES) is a Fortune 500 global energy company accelerating the future of energy.  Together with our many stakeholders, we’re improving lives by delivering the greener, smarter energy solutions the world needs.  Our diverse workforce is committed to continuous innovation and operational excellence, while partnering with our customers on their strategic energy transitions and continuing to meet their energy needs today.  For more information, visit www.aes.com.

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