ACEN completes first phase of Super Energy’s Vietnam solar platform acquisition

ACEN Corp., the listed energy platform of the Ayala Group, has closed the first phase of the acquisition of a significant stake in Super Energy Corp. Public Company Limited’s solar power business in Vietnam.

In a regulatory filing, ACEN said its subsidiary, ACEN Vietnam Investments Pte. Ltd., has inked the Shareholders’ Agreement and other definitive agreements for the closing of the share purchase agreement inked in 2022.

Under a strategic partnership, ACEN will take up 49% ownership of Solar NT through a phased acquisition with a total consideration estimated at $165 million. Closing of the remaining phases are expected within the year.

The investment is expected to bring ACEN’s Vietnam-Lao PDR portfolio to 1,200 megawatts in attributable renewables capacity.

"The partnership with Super marks the beginning of a long-term collaboration as we continue to look for new opportunities to grow our portfolio and jointly develop renewable energy projects across ASEAN," ACEN International chief executive officer Patrice Clausse said.

"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 officer Jormsup Lochaya said.

Super Energy Corp. was listed on the Stock Exchange of Thailand (SET) in 2005, before expanding its investment in Vietnam’s solar power industry in 2017 where it has since developed nine solar power projects and four wind power projects.

ACEN earlier announced targets to reach 20 GW of renewable capacity by 2030. It aims to transition its generation portfolio to 100% renewable energy by 2025 and become a net-zero greenhouse gas emissions company by 2050.

Shares in ACEN were trading up 6 centavos or 1.15% at P5.28 apiece as of 9:43 a.m. on Tuesday, June 27, 2023. —VAL, GMA Integrated News