(Bloomberg) -- Trung Nam Construction Investment JSC, a Vietnamese conglomerate, is considering selling a minority stake in its renewable energy assets, according to people with knowledge of the matter.
Most Read from Bloomberg
Person of Interest in July 4 Parade Shooting That Killed Six in Police Custody
Bezos Slams Biden Over Call for Lowering of Gas Prices
Tesla Pauses Plants After Ending Shaky Quarter With a Production Milestone
US Futures, European Bonds Drop on Economic Woes: Markets Wrap
Long, Moderate and Painful: What Next US Recession May Look Like
Trungnam Group, as it is commonly known, is working with a financial adviser to sell about a 30% to 35% stake in its portfolio comprised mainly of wind and solar projects, the people said. A deal could value the assets at more than $1 billion, said the people, who asked not to be identified as the process is private.
Deliberations are ongoing and there is no guarantee Trungnam will proceed with the potential divestment, said the people. A representative for Trungnam declined to comment.
Growing demand for cleaner energy sources has boosted interest in renewable infrastructure assets. Global Infrastructure Partners agreed to buy clean energy company Atlas Renewable Energy for close to $2 billion to bolster its presence in Latin America while China General Nuclear Power Corp. is considering selling its portfolio of renewable energy assets in Europe, Bloomberg News reported this year.
Founded in 2004, Trungnam also has interests in construction, infrastructure, real estate and information technology, according to its website. Trungnam has 1.63 gigawatts of electricity contributing to the country's supply as of October 2021. It is the only Vietnamese private enterprise involved in the power transmission process, the website shows.
Most Read from Bloomberg Businessweek
The Lottery Lawyer Won Their Trust, Then Lost Their Mega Millions
Did Razzlekhan and Dutch Pull Off History's Biggest Crypto Heist?
Gangs Are Fake-Killing People in India for Insurance Payouts
How Generations of Black Americans Lost Their Land to Tax Liens
Sports Reporter by Day, Political Revolutionary by Night
©2022 Bloomberg L.P.
