Acen to acquire 49% of solar firm in Vietnam

AC Energy Corp. (Acen), the Ayala Group’s energy platform, is set to acquire a 49-percent interest in the solar unit of Super Energy Corp. in Vietnam as part of its goal to become the largest listed renewables platform in Southeast Asia.

The deal would be done through Acen’s wholly owned subsidiary AC Energy Vietnam Investments Pte. Ltd. (Acev) and Super Energy Corp. Public Company Ltd.’s subsidiary Super Energy Group (Hong Kong) Co.

Acev signed an agreement for a 49-percent interest in Solar NT, owned by Super HK, via a secondary share acquisition amounting to $165 million.

The deal would allow both parties to develop, own and operate renewable energy projects across the region, said Acen.

9 solar plants

Following the restructuring, Solar NT will own and operate nine solar power plants across Vietnam with a total capacity of approximately 837 megawatts. This investment is poised to expand Acen’s international portfolio to more than 1,900 MW, of which more than 1,000 MW are in Vietnam.

Acen corporate communication and sustainability head Irene Maranan said the joint venture “will go beyond Vietnam and will include other Southeast Asian countries where renewables are expected to grow further” as both companies forge ahead.

“This transaction reinforces Acen’s position as a pioneer player in the Asean renewable market. Acen is committed 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 office of AC Energy International and director of Acev.

Acen earlier announced plans to establish the third-largest solar project in India with UPC Renewables.

Across the Asia-Pacific, the Ayala group already has over 3,000 MW of attributable capacity, with 18,000 MW in its pipeline of renewable projects under development.