ACEN completes 1st phase of Vietnam acquisition

MANILA, Philippines — ACEN Corp. has completed the first phase of its acquisition of a solar platform owned by a Thai renewable energy company.

ACEN, in a stock exchange filing, said it has moved forward on signing the shareholders’ agreement and other definitive agreements for the closing of the company’s acquisition of Super Energy Corp. Public Co. Ltd.’s solar power business in Vietnam.

As announced last year following the signing of share purchase agreement between the two companies, ACEN will acquire 49 percent of the platform, which has 837-megawatt (MW) of solar assets in Vietnam through Solar NT.

The acquisition will be completed in four phases, with the first phase adding 141 MW of attributable capacity.

ACEN said closing of the first phase of the transaction had just been completed, with the remaining phases eyed for completion within the year, for a total consideration of $165 million.

The acquisition will bring ACEN’s renewables portfolio in Vietnam-Laos to 1,200 MW of attributable capacity.

“The partnership with Super Energy 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 CEO Patrice Clausse said.

Together, ACEN said their combined strengths and extensive experience in renewable energy development would unlock new opportunities to grow the strategic partnership’s portfolio, create jobs, and accelerate the energy transition.

Super Energy, which was established in Thailand in 1994, expanded its investment in Vietnam’s green energy industry in 2017.

“This synergy will enhance Super Energy’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 Energy chairman and CEO Jormsup Lochaya said.