Song Ba

What Song Ba does

Song Ba Joint Stock Company (Công ty Cổ phần Sông Ba, ticker: SBA) is a Vietnamese hydropower producer headquartered in Da Nang, founded in 2003 and listed on the Ho Chi Minh Stock Exchange. The company operates two reservoir-based hydroelectric plants with a combined installed capacity of 79 MW: the 15 MW Khe Diên plant (Da Nang, operational since 2007) and the 64 MW Krông H'năng plant (Đắk Lắk Province, operational since 2011). Total cumulative investment in the two plants is approximately 1,599 billion VND, financed through a mix of equity and commercial loans from OCB and other lenders.

The company sells electricity under long-term power purchase agreements to Vietnam Electricity (EVN), the state-owned national grid operator, which is the sole off-taker for all generated output. EVNCPC, a subsidiary of EVN, holds a 39.09% controlling stake as the founding shareholder, entrenching Song Ba within the regulated Vietnamese power sector. Beyond generation, the company operates a Dam Safety Consulting and Inspection Center providing inspection and certification services for hydropower facilities, and derives ancillary revenue from construction materials, mechanical-electrical equipment, and maintenance services. Electricity pricing is government-regulated and negotiated with EVN, with revenue directly proportional to actual generation output and reservoir conditions.

Song Ba employs 98 staff across headquarters and plant operations, holds ISO 9001:2015 certification from BSI, and has received national honors including Labor Medal Class II and III from the President of Vietnam. Dividend distributions have historically been set at 10-12% per year. The business model is a stable, regulated utility with limited growth optionality beyond its two existing plants, serving the Central Vietnam regional grid through EVN.

Name

Song Ba

Legal name

Công ty Cổ phần Sông Ba

Website

https://songba.vn

Company type

Public

Founded year

2003

Operating status

Operating

Headcount range

51–100 employees

Short description

Song Ba Joint Stock Company (SBA) is a Vietnamese hydropower producer operating two reservoir-based plants totaling 79 MW, selling electricity exclusively to state-owned Vietnam Electricity (EVN) under long-term power purchase agreements. The company also provides dam safety consulting services.

Ownership category

akta.pro rank

Product category

Hydropower Generation

NAICS

Hydroelectric Power Generation (221111)

SIC

Cogeneration Services & Small Power Producers (4991)

akta.pro primary industry

Hydropower EPC & Construction (Civil Works, Electromechanical) (EUACAEAF)

akta.pro secondary industry

Hydro BOP Civil & Water Conveyance (Dams, Spillways, Penstocks, Canals) (EUAMAFAG)

Keywords

• Hydropower generation
• Hydroelectric power plants
• Electricity production
• Dam safety consulting
• Renewable energy

Headquarters

HQ city

Da Nang

HQ country

Vietnam

HQ region

Asia

Offices4 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

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

Revenue model

1. Electricity Production and Sales: Primary revenue stream from generating and selling electricity to Vietnam Electricity (EVN) national grid through long-term power purchase agreements. Revenue is production volume dependent on water flow and reservoir levels.
2. Hydropower Consulting Services: Project management, dam safety consulting, and technical inspection services for hydropower facilities. Includes design consulting for power lines and substations up to 110KV.
3. Construction Materials and Equipment: Sales of construction materials and mechanical-electrical equipment at project sites, and hydropower equipment repair and maintenance services.

Pricing tiers

Go-to-market motion2 records

Distribution channels1 record

Marketing channels4 records

Core offering

Song Ba Joint Stock Company operates two reservoir-based hydroelectric power plants — the 15MW Khe Diên plant in Đà Nẵng and the 64MW Krông H'năng plant in Đắk Lắk — generating electricity that is sold exclusively to Vietnam Electricity (EVN) under long-term power purchase agreements. The company also provides dam safety inspection, consulting, and hydropower project management services through its in-house Dam Safety Consulting and Inspection Center.

Product overview

Song Ba Joint Stock Company (SBA) operates as a hydropower generation company with a portfolio centered on two main hydroelectric power plants: the 15MW Khe Diên Hydropower Plant in Da Nang and the 64MW Krông H'năng Hydropower Plant in Đắk Lắk Province, totaling 79MW installed capacity. The company also provides ancillary services through its Dam Safety Consulting and Inspection Center. The business model is organized as a unified power generation offering with supporting consulting services rather than a multi-module platform architecture.

Differentiator

Problem solved

Functional benefit

Named customers1 record

Segments1 record

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Three partnerships are on record, tiered minor and core.

• IR Awards Program (Vietstock, VAFE, FiLi)minorOthers · 6 July 2026Annual investor relations awards program recognizing listed companies for information disclosure quality. The company has participated and received recognition for meeting disclosure standards in 2025 and 2026.
• Vietnam Electricity (EVN) / Central Power Corporation (EVNCPC)coreStrategic or Co-development PartnerEVNCPC (formerly Điện lực 3) is the founding shareholder holding 39.09% stake. EVN oversees the national power grid and is the primary electricity off-taker. The company maintains close operational ties with EVNCPC as part of the Vietnam electricity sector ecosystem.
• AAC Auditing and Accounting Co., LtdminorOthersExternal auditing firm engaged for annual financial statement audits. Contract number 186/HĐKT/SBA-AAC for 2026 financial year audit services.

Scale indicators8 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• Vinaconex Power Joint Stock Company (VCE/VHG): Vietnamese listed hydropower operator spun out of Vinaconex construction group, owning and operating multiple hydropower plants selling to EVN. Comparable in being a publicly listed, small-to-mid scale hydro IPP within the Vietnamese power ecosystem.
• Power Engineering Consulting Joint Stock Company No. 1 (PC1): Listed Vietnamese company combining power construction and hydropower generation with multiple operational plants selling to EVN. Closely comparable business model — small-to-mid hydropower IPP selling under regulated PPAs to the national grid — and similarly listed on HoSE.
• Vạn Phú Hydropower Joint Stock Company (VPH): Listed Vietnamese small-cap hydropower operator selling electricity to EVN under regulated PPAs. Highly comparable in size, asset structure, customer dependency, and regulatory regime, making it a close domestic comp for Song Ba.

Emerging players

• Boralex: Canadian-listed independent renewable energy producer with a historical base in small-scale hydroelectric generation now expanded into wind and solar. Comparable as a publicly listed small-to-mid hydro IPP, though geographically focused on North America and Europe.
• Innergex Renewable Energy: Canadian-listed independent renewable power producer with a meaningful small-hydro portfolio alongside solar and wind. Comparable as a small-to-mid cap listed pure-play renewables operator with hydro exposure, though operating in North American markets.

Broad incumbents

• Brookfield Renewable Partners: One of the world's largest publicly listed pure-play renewable power platforms with significant hydroelectric generation. Comparable as a publicly listed hydro-focused IPP business model, though operating at vastly larger scale and globally diversified.
• EVN Power Generation Corporation No. 1 (GENCO1): State-owned generation arm of Vietnam Electricity managing multiple hydropower and thermal plants. Directly comparable as a Vietnamese hydro generator selling into the EVN grid under government-regulated PPAs, but operating at materially larger scale and broader asset mix than Song Ba.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat4 records

Key risks5 records

Key highlights6 records

Customer concentration

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Subsidiaries3 records

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 Song Ba