ACEN expands footprint in Vietnam

MANILA, Philippines — ACEN Corp. is expanding its footprint in Vietnam with the acquisition of a solar platform owned by a Thai renewable energy firm for $165 million.

Its wholly owned unit AC Energy Vietnam Investments Pte. Ltd. (ACEV) signed a share purchase agreement with Super Energy Corp. Public Co. Ltd. (SUPER), through its subsidiary Super Energy Group (Hong Kong) to form a strategic partnership to develop, own and operate renewable energy projects across ASEAN.

Under the deal, ACEN will acquire a 49 percent interest in Solar NT owned by Super HK, a Thai RE developer and investor.

ACEN president and CEO Eric Francia said the investment in Solar NT allows both groups to expand their renewable footprints in Vietnam as well as explore other Southeast Asian markets.

“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,” he said.

Jormsup Lochaya, chairman and CEO of SUPER, said the strategic partnership would strengthen SUPER’s capacity for growth and provide support in many areas, including capital, personnel, technology and networks.

Post-restructuring, Solar NT will own and operate nine solar power plants across Vietnam with a total capacity of 837 megawatts (MW).

ACEN said the investment would expand its international portfolio to more than 1,900-MW, of which more than 1,000-MW are in Vietnam.

“This transaction reinforces ACEN’s position as a pioneer player in the ASEAN renewable 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,” AC Energy International COO and ACEV director Patrice Clausse said.

ACEN’s growth is anchored on partnerships in existing and new geographies and utilizing new technologies to lead the charge towards a sustainable future.

Both ACEN and SUPER have a strong commitment toward sustainability and this strategic partnership will drive growth in renewable energy development across Asia.

Bank of Ayudhya PCL is the sole financial advisor for SUPER for this transaction.

ACEN aspires to be the largest listed renewables platform in Southeast Asia, with a goal of reaching 5,000-MW of renewables capacity by 2025.

The company has over 3,000-MW of attributable capacity across Asia-Pacific, with 18,000-MW in its pipeline of renewables projects being developed organically and with its various partners across the region.

An estimated 500-MW of these projects are expected to reach financial close within the first quarter.