Ayala-led ACEN is adding 837 megawatts (MW) in renewable energy (RE) capacity in Vietnam by acquiring a 49% stake in Solar NT, which is currently constructing nine solar plants in the Southeast Asian nation.
ACEN said its unit AC Energy Vietnam Investments Pte. Ltd. (ACEV) signed a share purchase agreement for $165 million (around Php8.42 billion) with Bangkok-based Super Energy Corporation Public Company Limited (SUPER). through subsidiary Super Energy Group (Hong Kong) Co., Limited (Super HK). The transaction will be done via secondary shares acquisition.
Super HK directly owns Solar NT. SUPER is a major RE investor and developer.
With the acquisition, ACEN now has over 1,900MW in its international portfolio, with over 1,000MW located in Vietnam alone.
“[SUPER] has accomplished a lot in Vietnam, and we wish to support its solar expansion in Vietnam and beyond through our partnership. This will help accelerate ACEN’s aggressive renewables expansion across the region,” ACEN President and CEO Eric Francia said in a statement.
“The strategic partnership will strengthen SUPER’s capacity for growth through synergies and support from the strategic partner in many areas, including the capital, personnel, technology, and networks for additional investment opportunities in the future,” said SUPER Chairman and CEO Jormsup Lochaya.
In 2021, ACEN opened three wind farms in Vietnam – a 252MW facility in Quang Binh province, an 88MW plant in Ninh Thuan, and a 40MW wind farm in Mui Ne. The company is also looking to activate a 60MW wind farm inSoc Trang province within the first quarter.
“This transaction reinforces ACEN’s position as a pioneer player in the ASEAN [renewables] market. ACEN is committed to supporting the energy transition in the region. This helps create more sustainable jobs as we expand our operational portfolio which brings us closer to achieving our goal to become the largest listed renewables platform in Southeast Asia,” said Patrice Clausse, AC Energy International COO and ACEV Director.
ACEN is looking to build an all-RE portfolio by 2025.