Beneficial interest AvH: 72.2%
AvH Contact: Koen Janssen
2016 was a year of consolidation and preparation of further growth for Rent-A-Port and Rent-A-Port Green Energy.
The balance sheet of Rent-A-Port was strengthened in 2016 by the sale of Rent-A-Port’s interest in the offshore wind farm projects Rentel, Seastar and Mermaid to the shareholders AvH and CFE. The level of debt decreased significantly. The development activities in Vietnam and Oman, which account for a substantial part of the result of Rent- A-Port, are recognized according to the equity method.
Staff recruitment in Oman, Vietnam and Qatar has increased the workforce of the Rent-A-Port Group to 330 people. These employees specialize in engineering, financial management and port-related operations.
In Vietnam and Oman, steps were taken to strengthen the control of the group’s own electricity grids. The local and central authorities of those countries would also like to see more green energy being produced, bringing the reorientation in favour of wind energy, solar panels and waste-to-energy conversion to a decisive stage.
In the province of Quang Ninh (Vietnam), Rent-APort took the lead in securing two major concessions: Tien Phong South (360 ha, without external partners) and Tien Phong North (1,200 ha, in joint venture with a Qatari partner). The water engineering works of Tien Phong South started in 2016, and the administrative organization was put in place for a first industrial park. The requisite ‘Investment Certificate’ was obtained on December 28, 2016. This project is similar to what Rent-A-Port did with the Dinh Vu concession in 2001-2004.
The home country approach, involving an in-depth knowledge of the country and the necessary contacts, was successfully applied in 2016 in Vietnam, Oman and Qatar. In Vietnam, several initiatives were undertaken in close collaboration with the national government in Hanoi to turn the electricity grid of Dinh Vu into an independent entity, the large-scale disposal of all floating waste in Halong Bay, and the production of fresh water for irrigation in the Mekong Delta.