ACEN will acquire 49% of the platform, which has 837 MW of solar assets in Vietnam
The acquisition will be completed in four phases, with the first phase adding 141 MW of attributable capacity
This four-phased acquisition will bring ACEN's renewables portfolio in Vietnam-Lao PDR to 1,200 MW of attributable capacity
Strategic partnership has potential for expansion of renewable energy developments across ASEAN
ACEN closes first phase of Vietnam acquisition
Jun 27, 2023 05:28 AM
At a glance
The Ayala Group’s renewable energy firm ACEN Corporation, through its subsidiary ACEN Vietnam Investments Pte. Ltd., has completed the first phase of the solar platform of Super Energy Corporation Public Company Limited in Vietnam.
In a disclosure to the Philippine Stock Exchange, ACEN said it is moving forward on signing the Shareholders’ Agreement and other definitive agreements for the closing of the acquisition of Super Energy’s solar power business in Vietnam.
This strategic partnership follows the share purchase agreement signed by the two companies in 2022.
Super Energy currently owns and operates 837 MW of solar projects in Vietnam through Solar NT and ACEN will take up 49 percent ownership of Solar NT through a phased acquisition.
Closing of the first phase of the transaction has just been completed, while the remaining phases are expected to be completed within the year, with a total consideration estimated at $165 million.
"The partnership with SUPER marks the beginning of a long-term collaboration as we will continue to look for new opportunities to grow our portfolio and jointly develop renewable energy projects across ASEAN," said ACEN International CEO Patrice Clausse.
ACEN and SUPER share the same belief about a sustainable future, and their combined strengths and extensive experience in renewable energy development will unlock new opportunities to grow the strategic partnership’s portfolio, create jobs and accelerate the energy transition.
“This synergy will enhance SUPER’s growth potential and strengthen the renewable energy business structure, which will support our strategic partnership in many areas, including capital, personnel, technology, and networks for additional investment opportunities in the future,” said Super Energy Chairman and CEO Jormsup Lochaya.
This total strategic investment will bring ACEN's Vietnam-Lao PDR portfolio to approximately 1,200 MW in attributable renewables capacity, further solidifying its position as a leading renewable energy player in Southeast Asia.