What Thac Ba Hydropower does

Thác Bà Hydropower Joint Stock Company (Công ty Cổ phần Thủy điện Thác Bà, ticker TBC) is a Vietnamese publicly listed hydroelectric power generator founded around 2010 and headquartered in Thác Bà commune, Lào Cai province. The company's core asset is the Thác Bà hydropower plant, a three-generator-unit facility whose turbines connect to the 110kV national electricity grid. All generation output is sold under power purchase agreements to state-owned utility EVN (Vietnam Electricity), with operational dispatch coordinated through EVN's generation subsidiary Genco3; no merchant or bilateral offtake is disclosed.

The business model is a regulated B2B utility: recurring revenue from baseload hydroelectric generation sold to EVN, supplemented by a smaller professional services stream. The wholly-owned Technical Services Center (Trung tâm Dịch vụ Kỹ thuật) provides operational training, maintenance, and technical support to peer hydropower plants including Huổi Vang, Mường Mươn, Vàng Ma Chải 2, Trà Khúc 2, and Lán Bò, monetizing decades of accumulated operating know-how. The company has no disclosed consumer product, no direct retail channel, and no export activity; it operates exclusively within northern Vietnam.

Recent capital deployment has been concentrated on life-extension and reliability: in 2025–2026 the company completed a major overhaul of all three generator units, an upgrade of the H3 turbine, and replacement of 110kV line protection relays. The principal growth vector is the Thác Bà 2 hydropower project, developed through the related Thác Bà 2 Investment Company, for which Thác Bà Hydropower provides staffing and operational training. Governance is supported by E&Y Vietnam audit, regular AGMs, and a 2026–2031 Board of Directors term; multiple regulatory permits (environmental, water usage, dam safety) are being maintained to preserve the operating license.

Name

Thac Ba Hydropower

Legal name

Công ty Cổ phần Thủy điện Thác Bà

Website

https://thacba.vn

Company type

Public

Founded year

2010

Operating status

Operating

Headcount range

101–250 employees

Short description

Vietnamese publicly listed hydroelectric power generator operating a 3-generator-unit plant that sells all baseload output to state utility EVN via Genco3, with an adjacent technical services unit providing O&M training to regional peer hydropower plants.

Ownership category

akta.pro rank

Headquarters

HQ city

Yên Bái

HQ country

Vietnam

HQ region

Asia

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Infrastructure, Operations, Personnel, Technology or R&D, Supply Chain, Others

Revenue model

1. Electricity Generation and Sales: Generation and sale of hydroelectric power to the national electricity grid through power purchase agreements with EVN. Revenue is generated from electricity production sold to the state-owned utility.
2. Technical Services: Provides technical training, operation and maintenance services to other hydropower plants including Huổi Vang, Mường Mươn, Vàng Ma Chải 2, Trà Khúc 2, and Lán Bò hydropower plants

Go-to-market motion1 record

Distribution channels1 record

Marketing channels2 records

Core offering

Thac Ba Hydropower generates and sells hydroelectric electricity from its three-unit Thac Ba hydropower plant to the EVN national grid under power purchase agreements, and through its Technical Services Center provides operational training and maintenance services to other hydropower plants in Vietnam.

Product overview

Công ty Cổ phần Thủy điện Thác Bà operates as a hydroelectric power generation company with its core product being the Thac Ba Hydropower Plant featuring 3 generator units. The company offers technical services through its Technical Services Center (Trung tâm Dịch vụ Kỹ thuật), providing training and operational support to other hydropower facilities including Vàng Ma Chải 2, Huổi Vang, Mường Mươn, Trà Khúc 2, and Lán Bò. The company also maintains a subsidiary, Thac Ba 2 Hydropower, currently under development or operation with associated staffing needs.

Differentiator

Problem solved

Functional benefit

Products and services

• Nhà máy Thủy điện Thác Bà (Thac Ba Hydropower Plant) Hydroelectric power generation facility operated by the company, producing electricity through water turbine generators connected to the 110kV power grid. Power is sold to EVN under power purchase agreements for distribution across northern Vietnam.
• Trung tâm Dịch vụ Kỹ thuật (Technical Services Center) A wholly-owned technical services division providing operational training, maintenance, and technical support services to other hydropower plants in Vietnam.

Quantifiable outcome

• 222,416,600 kWh electricity produced in Q3 2026
• +1 more outcomes

Named customers2 records

Segments2 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature1 record

Partnerships

Six partnerships are on record, tiered core and minor.

• EVN (Điện lực Việt Nam)coreStrategic or Co-development PartnerPrimary electricity off-taker and grid operator. EVN (Vietnam Electricity) purchases all electricity output from Thác Bà hydropower plant through power purchase agreements. EVN operates the national electricity transmission and distribution network.
• EVN Genco3coreStrategic or Co-development PartnerPower generation subsidiary of EVN that coordinates power dispatch from generation facilities including Thác Bà. Receives production reports and coordinates electricity market operations.
• REECorpminorOthersListed as partner on company website. Nature of partnership not explicitly detailed in available source material.
• CPC (Cửu Long CIP)minorOthersListed as partner on company website. Nature of partnership not explicitly detailed in available source material.
• Thác Bà 2 Investment Company (Công ty Cổ phần Đầu tư Thủy điện Thác Bà 2)coreStrategic or Co-development PartnerRelated entity developing the Thác Bà 2 hydropower project. Thác Bà hydropower provides operational training and personnel recruitment services for the new facility under development.
• UBND 09 xã tỉnh Lào CaiminorStrategic or Co-development PartnerCoordination agreement signed November 2025 between Thác Bà hydropower and People's Committee of 09 communes in Lào Cai province for reservoir safety management and dam protection coordination.

Scale indicators2 records

Recent moves6 records

Expansion highlights4 records

Emerging players

• Innergex Renewable Energy: Innergex is a Canadian renewable energy independent power producer with a portfolio of small-to-medium run-of-river hydro facilities alongside wind and solar assets. Comparable to Thac Ba in plant scale and operating model, but diversified across multiple geographies.

Broad incumbents

• Brookfield Renewable Partners: Brookfield Renewable Partners operates one of the largest publicly listed renewable power portfolios globally, with significant hydropower, wind, and solar assets. Provides international hydro incumbent reference for valuation and capital structure comparisons.
• Hydro-Quebec: Hydro-Quebec is one of the world's largest hydroelectric power producers, operating a vast portfolio of hydro plants as a vertically integrated utility. Serves as a broad incumbent reference for large-scale, regulated hydro generation economics and asset management.
• China Three Gorges Renewables: China Three Gorges operates the world's largest hydroelectric fleet (including the Three Gorges Dam) and an expanding renewable portfolio. Serves as a global hydro incumbent reference for asset-scale economics and operational best practice.
• EVN Genco3: EVN Genco3 is a state-owned power-generation holding under Vietnam Electricity that operates multiple power plants and directly coordinates dispatch with Thac Ba. Broader incumbent in Vietnamese generation, encompassing thermal and renewable assets at scale.

Direct peers

• Thac Mo Hydropower JSC: Thac Mo Hydropower JSC is a Vietnamese hydropower operator selling output to the national grid. Comparable in small-to-medium plant scale, B2B power sales to EVN, and Vietnamese listed entity profile.
• Da Nhim - Ham Thuan - Da Mi Hydropower JSC (DHM): DHM operates multiple cascade hydropower plants in southern Vietnam and is listed on HOSE. Comparable in core hydro-generation business, EVN PPA structure, and listed JSC governance, though slightly larger multi-plant portfolio.
• Song Ba Ha Hydropower JSC (SBA): SBA is a Vietnamese hydropower joint-stock company operating small-to-medium hydroelectric plants and selling output to EVN under PPAs. Closely comparable in size, single-commodity business model, B2B power sales to state grid, and Vietnamese listed-equity profile.
• Vinh Son - Song Hinh Hydropower JSC (VSH): VSH operates the Vinh Son and Song Hinh hydropower plants in central-southern Vietnam, listed on HOSE with similar B2B power sales to EVN. Directly comparable in plant scale, listed JSC structure, and single-buyer off-take model.
• Hua Na Hydropower JSC (HNA): HNA operates the Hua Na hydropower plant in Vietnam and is listed on HOSE. Small-to-medium hydro operator with the same EVN off-take model, comparable size, and asset profile to Thac Ba.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat3 records

Key risks6 records

Key highlights7 records

Customer concentration

• YouTubeyoutube.com/channel/UC7AsMe4JvjYvUipYgsMuFpA

Revenue estimate

Valuation estimate

Number of profiles

Subsidiaries1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Thac Ba Hydropower