Scatec to sell Dam Nai Wind Farm to SAETF

According to the announcement on September 13, the buyer is Sustainable Asia Renewable Assets, a utility-scale renewable energy platform of the SUSI Asia Energy Transition Fund (SAETF). Scatec will receive an upfront consideration of $27 million for its 100 per cent equity stake at completion, with potential for additional earn-out payments of up to $13 million that are subject to certain conditions being fulfilled before May 2026.

"We have decided to exit Vietnam after operating Dam Nai Wind Farm since the acquisition of SN Power in 2021. We are satisfied with the agreed price and the sale is in line with our strategy to optimise our portfolio and focus on markets where we see further attractive growth opportunities. We are confident that SAETF will be a capable owner of the wind farm and will continue to contribute to the renewable energy journey of Vietnam," said Scatec CEO Terje Pilskog.

Total net interest-bearing debt related to Dam Nai Wind Farm was approximately $28 million at the end of the second quarter of this year, amounting to a transaction enterprise value of up to $68 million including the contingent earn-out payment. The wind farm has additionally generated a cash flow to equity of approximately $14 million to Scatec since the acquisition in 2021.

The transaction is expected to close within the first half of 2025, subject to customary regulatory approvals. At the Scatec Group level, the transaction is estimated to generate an accounting gain at closing of approximately $8 million on a proportionate and consolidated basis, including a fair value estimate of the contingent consideration. Following the transaction, Scatec will exit all operations in Vietnam, resulting in exit costs, including capitalised development expenses, of approximately $4.5 million which will be recognised in the third quarter 2024 results.

Dam Nai is located in the Ninh Thuan province in the southern part of the country and consists of 15 Siemens wind turbine generators with a total capacity of 39MW. Dam Nai Wind JSC became a wholly owned subsidiary of Scatec when Scatec Solar Netherlands B.V. acquired SN Power Vietnam Renewables B.V in 2021.

Scatec Solar Solutions Vietnam Co., Ltd was initially established in 2020 as a wholly owned subsidiary of Scatec through the ownership of Scatec Solar Netherlands B.V.

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