AC Energy Corp. said Wednesday it is taking a 49-percent interest in a joint venture with Thai company Super Energy Corporation Public Co. Ltd. for $165 million that will allow it to further expand its renewable energy footprint in Southeast Asia.
ACEN and SUPER said their respective subsidiaries have signed an agreement to form a strategic partnership to develop, own and operate RE projects across ASEAN.
ACEN’s wholly-owned subsidiary AC Energy Vietnam Investments Pte. Ltd. signed the share purchase agreement to acquire a 49-percent interest in Solar NT, owned by SUPER subsidiary Super Energy Group (Hong Kong) Co. Ltd.
SUPER is a premier Thai renewable energy developer and investor.
The transaction will be done through the sale of secondary shares for $165 million.
Post-restructuring, Solar NT will own and operate nine solar power plants across Vietnam with total capacity of 837 megawatts.
The transaction is the beginning of a strategic partnership between ACEN and SUPER, which plan to expand their renewable footprints in Vietnam while exploring 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,” ACEN president and chief executive Eric Francia said.
The transaction also reflects ACEN’s commitment 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,” said Patrice Clausse, chief operating officer of AC Energy International and director of ACEV.
Jormsup Lochaya, chairman and chief executive of SUPER, said the company’s objective is to form a strategic partnership to join forces in joint investment and solar energy power plant business development in ASEAN.
SUPER has developed nine solar power projects and four wind power projects, covering the South and Central Highlands, contributing to an increase in the percentage of renewable energy-derived power in the power industry of Vietnam.
“The strategic partnership will strengthen SUPER’s capacity for growth through synergies and supports from the strategic partner in many areas, including capital, personnel, technology and networks for additional investment opportunities in the future,” he said.
ACEN’s growth is also anchored on partnerships in existing and new geographies and utilizing new technologies to lead the charge towards a sustainable future.
Bank of Ayudhya PCL is the sole financial advisor for SUPER for the transaction.