Ayala completes first phase of Vietnam solar platform acquisition

MANILA, Philippines — ACEN Corp., Ayala Group’s energy unit, has closed the first of four phases of its acquisition of Super Energy Corporation Public Company Limited’s (SUPER) solar power firm in Vietnam, following their share purchase agreement last year.

In a disclosure to the Philippine Stock Exchange on Tuesday, ACEN, through its subsidiary, ACEN Vietnam Investments Pte. Ltd., said it will acquire 49% of Super’s solar projects in Vietnam through Solar NT.

"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 ACEN International CEO Patrice Clausse.

ACEN has acquired 141 megawatts (MW) of attributable capacity in the first phase from the 837 MW of solar assets currently owned and operated by Super in Vietnam.

This four-phased acquisition has an estimated transaction value of $165 million and is set to reach its full completion this year.

The deal, which will bring ACEN's renewables portfolio in Vietnam-Lao PDR to 1,200 MW of attributable capacity, is expected to strengthen ACEN’s standing at the forefront of Southeast Asia’s renewable energy industry.

ACEN said their partnership with Super would help accelerate the energy transition in the region while producing jobs in renewable energy development.

“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,” said Jormsup Lochaya, chairman and CEO of SUPER.