AboitizPower shelves Vietnam wind power venture

AboitizPower IPO

AboitizPower Corporation has put aside its $46 million wind power development project in Vietnam due to complications in completing the deliverables of the relevant parties as set on agreed deadline dates, as stated in its disclosure to the Philippine Stock Exchange (PSE).

Due to drawbacks,  the fims said it decided to exercise its right to terminate the transaction. It was not stated which part of the deliverable had not been finished, according to a report.

However, AboitizPower stated that it is still “in discussions with Armstrong Southeast Asia Clean Energy Fund Pte. Ltd. (AAM) to revisit the acquisition at a future date.”

“The termination of the transaction has no impact on Aboitiz Power’s existing operations and financial performance,” the firm noted.

The targeted 39.4 MW Dam Nai wind farm installation of Mekong Wind in Ninh Thuan province in Vietnam would have been part of its international expansion.

The share purchase agreement (SPA) was sealed by the parties around last August, however there were closing conditions that should be completed before the deal could be finalized.

AboitizPower has been eyeing solar farm developments in Vietnam aside from the cancelled wind project.