AC Energy makes $165 million acquisition of Super Energy projects

AC Energy (Acen), a subsidiary of the Ayala Corporation led by Filipino billionaire Jaime Zobel de Ayala, has successfully concluded the acquisition of the initial phase and is poised to acquire Super Energy Corporation's solar energy business in Vietnam this year at an estimated value of $165 million.

According to an announcement made on June 26, Acen disclosed that Super Energy Corporation currently holds ownership and operates solar energy projects in Vietnam with a substantial capacity of 837MW through its subsidiary, Solar NT.

Under the agreement, Acen is set to obtain a 49 per cent ownership stake in Solar NT through a phased acquisition strategy. This significant investment will bolster Acen's renewable energy portfolio in Vietnam and Laos to approximately 1,200MW, reinforcing its standing as a prominent player in the Southeast Asian renewable energy sector.

Patrice Clausse, CEO of Acen International, underscored that collaborating with Super Energy marks the initiation of a long-term partnership, as the two sides remain committed to exploring new prospects for expanding the investment portfolio and jointly advancing renewable energy projects across the ASEAN region.

Jormsup Lochaya, chairman and CEO of Super Energy Corporation, asserted that this unified force will enhance Super Energy's growth potential and fortify its renewable energy business structure, enabling strategic synergies encompassing vital areas such as capital, human resources, technology, and networks.

As of March, Acen's robust renewable energy capacity is nearing 4GW, with 1.6GW situated in the Philippines, 1GW in Australia, 0.6GW in Vietnam, 0.5GW in India, and 0.3GW in Indonesia, along with additional holdings in various other nations.

Super Energy Corporation has been engaged in renewable energy ventures in Vietnam since 2017, successfully operating nine solar projects and a single wind project.

In January, Asia Energy Ltd., a subsidiary of Super Energy Corporation, commenced construction of the Asia Dak Song 1 wind power project situated in the verdant Central Highlands, boasting a capacity of 50MW in Dak Nong province.

Subsequently, in March, the esteemed Thai renewable energy firm unveiled ambitious plans to allocate around $1.2 billion towards financing renewable energy projects in Thailand and Vietnam from 2023 to 2025.

Predominantly, the coming year will witness substantial investments directed towards the development of the company's wind farm infrastructure in Vietnam, encompassing an offshore project in Soc Trang capable of producing 30MW, as well as a nearshore wind farm in Bac Lieu generating 70MW.

Renewable energy investment challenges in Vietnam: risks and delays Minister of Industry and Trade Nguyen Hong Dien has noted that many investors have neglected procedures and violated regulations in their rush to meet the Feed-in-Tariff deadline.

VinaCapital and GS Energy Partner with KEXIM in Long An LNG power plant projects Vinacapital, an asset management group in Vietnam, and GS Energy, a South Korean company, have inked an MoU with Export-Import Bank of Korea (KEXIM) to facilitate the financial development of the Long An I and II liquefied natural gas power plant projects.

DBS Bank empowers Vietnam's green revolution In an exclusive interview with VIR’s Luu Huong, Yulanda Chung, head of Sustainability, Institutional Banking Group at DBS Bank discussed how the bank has embraced the opportunity in Vietnam to harness the power of banking to create a positive impact.