Enhancing Czech-Vietnamese Economic Ties, Sev.en Global Investments to acquire 70% share in the Mong Duong 2 power plant
Press Release (Prague, Czech Republic, 13 August 2024)
Sev.en Global Investments has announced the acquisition of an additional 19 percent stake in a Mong Duong 2 power plant in Vietnam from China Investment Corporation. Following the already agreed acquisition of a 51 percent stake in November last year, Sev.en GI will acquire a total of 70 percent of the Vietnamese coal-fired facility. Both transactions together are subject to approval by local authorities.
Alan Svoboda, CEO of Sev.en Global Investments: "We are thrilled to have finalized this agreement with our Chinese partners, which allows us to take a significant step towards a stronger mandate of ownership of the key power plant supplying electricity to the Hanoi metropolitan area. With the necessary approvals from local authorities, we are on track to complete the acquisition and become the largest European investor in Vietnam's energy sector."
Mong Duong 2 is a 1.2 GW coal-fired power plant in northern Vietnam that was commissioned in 2015. It is a strategic supplier of electricity to Hanoi and the northern part of the country. Sev.en Global Investments is committed to operating the plant following the existing BOT (Build, Operate, Transfer) contract with the highest environmental and safety standards. Leveraging its significant international experience and extensive technical capabilities in the operation and development of energy sources, the company is committed to driving sustainable growth. This acquisition deepens Czech-Vietnamese relations, highlighting the strong partnership between the two countries. Notably, this acquisition is on the track to be the largest coming from the Czech Republic.
Alan Svoboda, CEO of Sev.en Global Investments: "In partnership with the skilled leadership of Mong Duong 2, our commitment remains unwavering in ensuring the smooth, safe, and reliable operations of the power plant, and supporting the employees and local communities. We are committed to driving sustainable growth in the energy sector.”
By expanding its presence in Southeast Asia, Sev.en GI is demonstrating its appetite for further investments in the region and aspires to engage in more public-private sector cooperations.
About Sev.en Global Investments
Sev.en Global Investments is a Czech-based investment group investing across various sectors, particularly in power generation and mining of various natural resources. Sev.en GI operates on four continents – Europe, Australia, North America, and Asia.
In Australia, Sev.en's investment portfolio includes:
- Delta Electricity with the Vales Point Power Station and Chain Valley Colliery coal mine
- SO4 company - premium potash fertiliser producer
- Sev.en Royalties with mining rights in two regions.
In the United States, it is the owner of:
- Met-coal mining company Blackhawk Mining with annual coal production of around 9 million tonnes
- Golden Eagle Land Company holding mining rights to more than 2 billion tonnes of coal reserves.
In Europe, Sev.en GI acquired 100% of InterGen´s gas-fired power generation businesses. The portfolio includes 4 gas-fired power plants Coryton, Spalding, Rocksavage, and Spalding Energy Expansion.
Sev.en Global Investments is part of the Sev.en Group whose beneficiary is Mr. Pavel Tykač, a prominent Czech entrepreneur and investor, ranked among the top 300 World´s wealthiest people by the Forbes Real Time Billionaires. Mr. Tykač is also the proud owner of a football club SK Slavia Praha.
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Veronika Diamantová
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