ACEN Corp., through its subsidiary ACEN Vietnam Investments Pte. Ltd., signed the shareholders’ agreement and other definitive agreements for the closing of the acquisition of Super Energy Corp. Public Co. Ltd.’s solar power business in Vietnam.The parties first signed a share purchase agreement last year.
ACEN said the closing of the first phase of the transaction has just been completed while the remaining three phases are expected to be completed within the year for a total consideration estimated at $165 million.
The company said in a statement yesterday Super currently owns and operates 837 megawatts (MW) of solar projects in Vietnam through Solar NT.
ACEN is set to take 49 percent ownership of Solar NT through a phased acquisition.
Super was established in Thailand focused RE projects including solar, wind and waste-to-energy. The company has developed 9 solar power projects and four wind power projects in the South and Central Highlands of Vietnam.
The company also said the first among four phases will add 141 MW of attributable capacity to ACEN with all phases set to bring in a total of 1,200 MW of attributable capacity from a RE portfolio in Vietnam and Lao PDR with potential for strategic partnerships and expansion across the Asean region.
“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 Patrice Clausse, ACEN International chief executive officer.
