Czech Republic-based Sev.en Global Investments will acquire a 51% controlling stake in the Mong Duong 2 coal-fired power plant in Vietnam from US energy company AES.

AES, a major US investor in Vietnam, said the sale would support its low-carbon goal and outlined plans to build a liquefied natural gas (LNG) terminal and steam power plant in the country. Mong Duong 2, commissioned in 2015, is the most modern coal-fired power plant in northern Vietnam, boasting a substantial 1.2 gigawatts (GW) of capacity and playing a key role as an important source of electricity for Hanoi and the whole of northern Vietnam. The second largest shareholder in the plant is South Korean energy firm Posco International, which owns a 30% stake, according to Reuters.

Sev.en Global Investments, part of Tykač's Sev.en Group, has a long-term strategic focus on the energy and mining sector. The group operates on three continents: Europe, Australia and North America. In Australia, their diversified investment portfolio includes the Vales Point power station, the Chain Valley Colliery coal mine and the SO4 potash fertilizer producer. In the United States, the group owns Blackhawk Mining, a metallurgical coal mining company, and Golden Eagle Land Company, which holds mining rights to more than two billion tonnes of coal reserves.

In September, Sev.en Global Investments, among other things, acquired a 51% stake in Coronado Global Resources, a metallurgical coal producer with operations in the United States and Australia.