US Energy Company AES Eyes Sale Of Coal-Fired Power Plant In Vietnam: Report

The AES Corp AES is reportedly negotiating to sell its majority interest in one of the largest coal-fired power plants in Vietnam.

The move is a part of the company's global strategy to divest coal assets by the end of 2025, as per Reuters.

Related: AES Chalks Out Long-Term Guidance, Plans To Exit Coal By End-2025

AES is discussing the sale with Sev.en Global Investments, owned by billionaire Pavel Tykac, the report noted, citing people familiar with the matter.

The plant's second-largest shareholder, South Korea's energy firm Posco International, is also considering to sell its 30% stake, said Reuters.

In September, AES disclosed a deal for minority sell-downs of its Dominican Republic and Panama businesses for $190 million in proceeds.

Earlier this month, AES reported Q3 FY23 adjusted EPS of $0.60, beating the consensus of $0.54 and revenue of $3.43 billion, missing the consensus of $3.57 billion. 

Price Action: AES shares are trading higher by 0.35% at $16.97 on the last check Friday.

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