Hydro Power - Power No 3

What Hydro Power - Power No 3 does

Hydro Power - Power No. 3 (Công ty Cổ phần Thủy điện – Điện lực 3), trading on the Ho Chi Minh Stock Exchange (HOSE) under the ticker DRL (ISIN VN000000DRL9, par value 10,000 VND), is a Vietnamese joint-stock company whose entire operating footprint is a single asset: the Đrây H'Linh 2 hydropower plant (Nhà máy thủy điện Đrây H'Linh 2), located in Ea Pô commune, Cư Jút district, Đắk Nông province, in Vietnam's Central Highlands. The company is publicly listed; EVNCPC (Tổng công ty Điện lực miền Trung / Central Vietnam Power Corporation) is documented as a founding/associate shareholder (cổ đông sáng lập) but is not a controlling parent — its stake is part of an eight-company associate portfolio with combined capital contribution of 673.066 billion VND as of 2019. The plant is a run-of-river / reservoir-style hydroelectric facility with a dedicated 35kV substation whose commercial output is sold wholesale to Vietnam's national grid under long-term offtake arrangements.

The company's only product is electricity generated at Đrây H'Linh 2. Annual commercial production has ranged from approximately 80 to 97 million kWh depending on hydrology (96.893 million kWh in 2022; 90.53 million kWh in 2023; 85.31 million kWh in 2025). The technology stack consists of standard turbine-generator sets, an on-site 35kV substation, and Microsoft Planner (Office 365) — provisioned by EVNCPC for over 200 user accounts — which is used for plan creation, task assignment, status tracking, and schedule visualization across operations and maintenance workflows. The company operates with a headcount of 11–50 employees, consistent with a single-asset, asset-light operating model; the corporate website functions primarily as a news and monthly-disclosure portal for the plant.

The business model is a single wholesale B2B revenue stream: electricity generated at Đrây H'Linh 2 is sold to a state-affiliated utility buyer at regulated tariffs that the company does not publicly disclose. The AGM-confirmed FY2022 total revenue was 117.6 billion VND, with profit before tax of 77.53 billion VND and profit after tax of 61.9 billion VND (126%, 135%, and 135% of plan respectively). Subsequent annual disclosures report only plant-level electricity revenue at Đrây H'Linh 2: 92.61 billion VND (2023), 80.03 billion VND (2024), and 87.94 billion VND (2025). The company maintains an active shareholder return policy with recurring cash dividends of 15%–20% per share distributed in multiple installments annually (e.g., VND 1,500–2,000 per share at par), and publishes monthly production and revenue updates on its website.

Name

Hydro Power - Power No 3

Legal name

Công ty Cổ phần Thủy điện – Điện lực 3 (Hydropower Joint Stock Company – Power No.3)

Website

https://pc3hp.com.vn

Company type

Public

Founded year

2015

Operating status

Operating

Headcount range

11–50 employees

Short description

Hydro Power - Power No. 3 (Công ty Cổ phần Thủy điện – Điện lực 3, HOSE: DRL) is a Vietnamese joint-stock hydropower operator that runs the single Đrây H'Linh 2 plant in Đắk Nông province, selling all generated electricity wholesale to Vietnam's national grid under regulated tariffs.

Ownership category

akta.pro rank

Product category

Hydropower Generation

NAICS

Hydroelectric Power Generation (221111)

SIC

Electric, Gas & Sanitary Services (4900)

akta.pro primary industry

Hydropower Project Development & Permitting (Greenfield, Licensing, Water Rights) (EUAMADAA)

Keywords

• Hydroelectric power generation
• Renewable energy production
• Electricity grid supply
• Hydropower plant operations
• Commercial power generation

Headquarters

HQ city

Da Nang

HQ country

Vietnam

HQ region

Asia

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Personnel, Infrastructure

Revenue model

1. Commercial Electricity Generation and Sale: Primary revenue stream derived from selling electricity generated by the Đrây H'Linh 2 hydropower plant to Vietnam's national grid / power utility buyer. Monthly production (in million kWh) is converted to revenue at regulated tariffs (VND billions). Annual revenue in recent years has ranged from approximately 80 to 117 billion VND depending on hydrological conditions.

Pricing tiers

Go-to-market motion1 record

Core offering

Hydro Power - Power No 3 owns and operates the Đrây H'Linh 2 Hydropower Plant (Nhà máy thủy điện Đrây H'Linh 2), a run-of-river/reservoir-style hydroelectric facility with an on-site 35kV substation located in Lâm Đồng/Đắk Nông provinces, Vietnam. The plant generates commercial electrical output (sản lượng điện thương phẩm) of approximately 80–97 million kWh annually depending on hydrology, which is sold wholesale to Vietnam's national grid through a state-affiliated utility buyer at regulated tariffs. Monthly electricity production and revenue disclosures are the company's primary published operational metrics.

Product overview

Hydro Power - Power No 3 (Công ty Cổ phần Thủy điện – Điện lực 3, stock code DRL on HOSE) is a Vietnamese joint-stock hydropower company whose single core product is the Đrây H'Linh 2 Hydropower Plant (Nhà máy thủy điện Đrây H'Linh 2), located in Ea Pô commune, Cư Jút district, Đắk Nông province. The plant generates commercial electrical output (sản lượng điện thương phẩm) that is sold to the national grid, and the company's website primarily functions as a corporate/news portal that publishes monthly electricity output and revenue disclosures for this single plant. Beyond the Đrây H'Linh 2 plant, the company's website lists two project categories — "Đang vận hành" (in operation) and "Đang thực hiện" (in implementation) — but no additional named products, software platforms, or technology modules are described in the source material.

Differentiator

Problem solved

Functional benefit

Products and services

• Đrây H'Linh 2 Hydropower Plant (Nhà máy thủy điện Đrây H'Linh 2) The company's single owned-and-operated hydroelectric power plant, a run-of-river/reservoir-style facility with on-site 35kV substation, located across Lâm Đồng and Đắk Nông provinces, Vietnam. It generates commercial electrical output (sản lượng điện thương phẩm) of approximately 80–97 million kWh annually depending on hydrology, which is sold wholesale to Vietnam's national grid through a state-affiliated utility buyer at regulated tariffs.

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature2 records

Recent moves5 records

Expansion highlights3 records

Direct peers

• CTCP Thủy điện Miền Trung (CHP): Central-region Vietnamese hydropower operator with a multi-plant portfolio and grid offtake model. Comparable business model and geographic concentration.
• Thủy điện Bắc Hà (BHA): UPCoM/HOSE-listed small hydro operator in northern Vietnam. Comparable as a single-asset or limited-asset hydropower joint-stock company selling into the national grid with regulated tariffs.
• Thủy điện Nước Trong (NTO): Small Vietnamese listed hydropower company with similar single-plant structure. Directly comparable on asset concentration, scale, and revenue model (kWh sold to EVN grid).
• Thủy điện Hủa Na: Vietnamese listed hydropower operator with a single larger plant in Nghệ An. Directly comparable as a hydro pure-play with national-grid offtake and dividend distributions.
• Thủy điện Sê San 3A (S3A): Vietnamese listed hydropower company operating in the Central Highlands, similar geography to DRL. Pure-play hydro selling to EVN grid, with comparable scale and dividend profile.
• Thủy điện Sông Ba Hạ (SBH): HOSE-listed hydropower operator running the Sông Ba Hạ plant. Same business model: hydroelectric generation, grid offtake, regulated tariff, dividend-focused public equity. Comparable in scale and asset profile to DRL.
• Thủy điện Vĩnh Sơn – Sông Hinh (VSH): Vietnamese listed hydropower operator (HOSE: VSH) running the Vĩnh Sơn and Sông Hinh cascade in the Central region. Directly comparable as a small/mid-cap public hydro pure-play selling into the national grid with regulated tariffs and recurring dividends.

Regional players

• Phongsubthavy Group (PSE): Lao-listed hydropower group with export-oriented generation to Vietnam/Thailand. Comparable as a regional Southeast Asian small/mid hydro operator selling into adjacent national grids, illustrating the cross-border hydro export dynamic relevant to DRL's regulated-tariff economics.

Broad incumbents

• CTCP Thủy điện Đa Nhim – Hàm Thuận – Đa Mi (DNH): Larger Vietnamese hydropower operator with a multi-plant cascade (Đa Nhim, Hàm Thuận, Đa Mi) under EVN umbrella. Comparable as a publicly listed hydro company but materially larger and with diversified asset base.
• EVN Power Generation Corporation 3 (EVNGENCO 3): Major state-owned power generator that is the parent/affiliate of EVNCPC and DRL's founding shareholder. Operates large thermal and hydropower plants; broader portfolio but relevant comparator for grid-tariff dynamics and Vietnam power-market structure.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks5 records

Key highlights5 records

Customer concentration

• Facebookfacebook.com/facebook

Revenue estimate

Valuation estimate

Number of profiles

Profiles4 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 Hydro Power - Power No 3