According to the source, the deal was conducted three years ago when HAGL restricted its business activities. 

The deal brought about VND2,100 billion ($100 million) for HAGL.

With the acquisition of HAGL projects, Bitexco Power owns 18 hydropower plants in Vietnam with a total capacity of about 1 gigawatt (GW). The current capacity allows the production of approximately 3,500 GWh of electricity a year, enough to serve nearly 2.7 million people.

Bitexco has said that UOB Venture Partners 2 Management Pte Ltd (UOBVM), an investment fund under United Overseas Bank (Singapore) and ORIX Corporation of Japan, will invest $50 million ($25 million each) in Bitexco Power.

Vietnam’s power sector was earlier this year predicted to drive FDI into the country, with forecasts that investment will potentially hit $4.5 billion in 2016 after having reached $2.8 billion in 2015. The sector has become appealing to a range of international financial institutions, according to the International Finance Corporation, the private sector lending arm of the World Bank Group.