VPower Group Enters into Memorandum of Understanding with CITIC Pacific to Co-invest Gas-fired Power Stations in Southeast Asia through Joint Venture


VPower Group International Holdings Limited (“VPower Group”, SEHK: 1608), one of the leading gas-fired engine-based DPG station investors and operators in Southeast Asia, is pleased to announce that the Group has entered into a memorandum of understanding with CITIC Pacific Limited, a subsidiary of CITIC Limited (stock code: 267), (collectively “CITIC”), to explore the acquisition opportunities on the clean and renewable power generation projects in Southeast Asia, meanwhile jointly invest and develop certain gas-fired power stations in South East Asia through establishing a joint venture company.

Mr. Rorce AU YEUNG, Co-Chief Executive Officer of VPower Group, said, “CITIC Pacific is a cornerstone shareholder of the Group in IPO. The joint venture formation will further strengthen and materialize our strategic co-operation relationship with CITIC. Through the joint venture, we will fully leverage on the expertise, knowhow, financial resources and operation platforms of both parties to capture the substantial market opportunities of power generation market in the low electrification countries covered under the Belt and Road initiatives. Potential acquisitions and co-development are in line with the Group’s overall business development strategies, enabling us to expand our market position in Southeast Asia as well as expand the scope of coverage of our power generation capacities in the fast growing clean and renewable energy sector.”

CITIC Pacific Limited’s key businesses include special steel manufacturing, energy and real estate development. It is also the majority shareholder of Dah Chong Hong Holdings Limited (stock code: 1828) and CITIC Telecom International Holdings Limited (stock code: 1883). The company’s parent company is CITIC Limited (stock code: 267), China’s largest conglomerate operating domestically and overseas.

About VPower Group International Holdings Limited (Stock code: 1608)
VPower Group is one of the world’s leading large gen-set system integration providers, and Southeast Asia’s largest private gas-fired engine-based DPG station owner and operator. The company derives operational synergies between its System Integration (SI) and Invest, Build and Operate (IBO) businesses. Under its IBO business, the company invests in, builds, and operates utility-grade DPG power stations. It is headquartered in Hong Kong and was listed on the Stock Exchange of Hong Kong in 2016.

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