The joint venture, formed in 2015 by Singapore energy developer Nexif Pte and Australian private equity firm Denham Capital, said in a statement it would get two plants with a combined capacity of 49 MW on the Giang River in the south central Khanh Hoa Province.

The 37-MW Song Giang 2 went on stream in 2014 and the 12-MW Song Giang 1 is under construction and expected to be finished in the second quarter of 2021.

They would produce enough power to supply 74,000 households, it said. Electricity demand in Vietnam is growing at 10-12 percent annually.

Nexif founder and co-chief executive officer Surender Singh said: "This acquisition will significantly add to Nexif Energy’s portfolio of renewable energy projects in Vietnam and represents a step forward our vision of delivering clean, reliable power to the country and the region."

The company has other wind and hydropower projects in Vietnam and plans to invest in a portfolio of more than 1,000 MW of renewable and dispatchable generation projects in Asia and Australia by 2021.