ACEN Corp., the listed energy platform of the Ayala Group said Tuesday it has completed the first phase acquisition of 49 percent of Thai renewable energy firm Super Energy Corp. Public Co. Ltd.’s solar assets in Vietnam.
ACEN disclosed to the Philippine Stock Exchange that subsidiary, ACEN Vietnam Investments Pte. Ltd., signed the shareholders’ agreement and other definitive agreements for the closing of the acquisition of SUPER’s solar power business in Vietnam.
SUPER currently owns and operates 837 megawatts of solar projects in Vietnam through Solar NT and ACEN will take up 49 percent ownership of Solar NT through a phased acquisition.
The investment will bring ACEN’s Vietnam-Lao PDR portfolio to 1,200 MW in attributable renewable energy capacity, further solidifying its position as a leading RE player in Southeast Asia.
ACEN said the remaining phases of the transaction 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,” ACEN International chief executive Patrice Clausse said.
This strategic partnership follows the share purchase agreement signed by the two companies in 2022.
ACEN and SUPER’s strengths and extensive experience in renewable energy development is seen to 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,” SUPER chairman and chief executive Jormsup Lochaya said.
ACEN has around 4,300 MW of attributable capacity in the Philippines, Australia, Vietnam, Indonesia and India, with a renewable share of 98 percent.
It aims to be the largest listed RE platform in Southeast Asia, with a goal of reaching 20,000 MW of RE capacity by 2030.
