Japanese oil company Eneos’ subsidiary Eneos Vietnam has acquired a 19 percent stake in a 35-MWp solar plant in the country, media reports said. The stakes have been acquired from Shizen Malaysia.

Shizen Malaysia holds a 51 percent stake in the solar plant which is being operated by VKT-Hoa An Joint Stock Company. Located in Vietnam, the solar plant is called Hau Giang Solar Power Plant.

Vietnam has recently announced that renewable energy will account for three-quarters of its national power production capacity by 2045. During the United Nations Climate Change Conference 2021 (COP 26) last month, Prime Minister Pham Minh Chinh committed to reaching net-zero emissions by 2050. Authorities also hope to achieve 70 percent of actual production through renewable sources under its commitment.