The Ca Mau 1 Power Plant of PV Power. (Photo: VNA)

Hanoi (VNA) – PetroVietnam Power Corporation (PV Power) will make its initial public offering (IPO) this August, the electricity producer announced.

The Ministry of Industry and Trade has approved the business valuation of the company, said a representative of PV Power. It has worked to devise an equitisation plan and seek strategic investors for the IPO.

PV Power is a wholly-owned unit of the Vietnam Oil and Gas Group, with current charter capital at 21.7 trillion VND (958.7 million USD).

Established in May 2007, PV Power operates eight power plants with combined capacity of over 4,208 MW.

It generates more than 16 billion kWh of electricity annually, 15 percent of the nation’s electricity.

During its 10-years of operation, PV Power has provided 136 billion kWh of electricity to the national grid, earning 8.6 trillion VND (378.6 million USD) of profit.-VNA