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Manila Bulletin devider Business devider ACEN inks $165-M JV with Thai firm for solar projects

ACEN inks $165-M JV with Thai firm for solar projects

Published Feb 2, 2022 02:06 pm

Ayala-led ACEN Corporation has inked a $165 million deal with Thai firm Super Energy Corporation Public Company Ltd. (SUPER) for joint development and ownership of solar projects in Vietnam and expansion targets in the ASEAN region.

ACEN’s wholly-owned subsidiary AC Energy Vietnam Investments Pte. Ltd. (ACEV) had cemented that partnership via the Thai firm’s Hong Kong subsidiary -- Super Energy Group (Hongkong) Co. Ltd. or Super HK.

“ACEV signed a share purchase agreement, with conditions precedent, to acquire 49% interest of Solar NT, owned by Super HK,” the Ayala firm said in a statement, emphasizing that the transaction valued at $165 million was consummated through secondary shares acquisition.

The Bank of Ayudhya PCL has been tapped as the sole financial advisor for Thai company SUPER in that partnership with the Ayala firm.

Following the structuring of the deal, ACEN said that Super HK’s subsidiary Solar NT “will own and operate nine solar power plants across Vietnam with a total capacity of approximately 837 megawatts.”

It further noted that “the transaction is the beginning of a strategic partnership between ACEN and SUPER which will continue to expand their renewable footprints in Vietnam as well as exploring other Southeast Asian markets.”

For the investment that the Ayala company will be injecting into SUPER, ACEN President and CEO Eric T. Francia conveyed that the deal “will help accelerate ACEN’s aggressive renewables expansion across the region.”

He qualified that prior to this partnership, the Thai firm already “accomplished a lot in Vietnam, and we wish to support its solar expansion in Vietnam and beyond through our partnership.”

Jormsup Lochaya, chairman and CEO of SUPER, echoed that “the strategic partnership will strengthen SUPER’s capacity for growth,” and that goal can gain traction “through synergies and supports from the strategic partner in many areas -- including capital, personnel, technology and networks for additional investment opportunities in the future.”

For the Ayala group, Patrice Clausse, chief operating officer of AC Energy International, indicated that this tie-up will “reinforce ACEN’s position as a pioneer player in the ASEAN renewable market.”

With aspiration for portfolio build-up of 5,000 megawatts to be concretized in the next three years, Clausse reiterated that the Ayala firm is “committed to supporting the energy transition in the region.”

And via the string of investments that ACEN has been funneling to various markets in the region, he asserted that such will help “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.”

Related Tags

#ACEN #SUPER #THAIPARTNER #RE #SOLAR #VIETNAM
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