AC Energy Corporation (“ACEN”), through its wholly-owned subsidiary, AC Energy Vietnam Investments Pte. Ltd. (“ACEV”) and Super Energy Corporation Public Company Limited (“SUPER”), through its subsidiary, Super Energy Group (Hong Kong) Co., Limited (“Super HK”), have signed an agreement to form a strategic partnership to develop, own and operate renewable energy projects across ASEAN.
ACEV signed a share purchase agreement (with conditions precedent) to acquire a 49% interest of Solar NT, owned by Super HK. SUPER is a premier Thai renewable energy developer and investor. The transaction will be via secondary shares acquisition for a total consideration of US$ 165 million.
Post-restructuring, Solar NT will own and operate nine solar power plants across Vietnam with a total capacity of approximately 837 megawatts.
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 explore other Southeast Asian markets.
“We are delighted to forge a strategic partnership with Super Energy Corporation through this investment,” said ACEN President and CEO Eric Francia. “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.”
“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, COO of AC Energy International and Director of ACEV.
Jormsup Lochaya, Chairman and CEO of SUPER, adds, “For this transaction, SUPER has an objective to form a strategic partnership in order to join forces in joint investment and solar energy power plant business development in ASEAN. The strategic partnership will strengthen SUPER’s capacity for growth through synergies and supports from the strategic partner in many areas, including the capital, personnel, technology, and networks for additional investment opportunities in the future.”
ACEN’s growth is anchored on partnerships in existing and new geographies and utilizing new technologies to lead the charge towards a sustainable future. Both ACEN and SUPER have a strong commitment towards sustainability and this strategic partnership will drive growth in renewable energy development across Asia. Bank of Ayudhya PCL is the sole financial advisor for SUPER for this transaction.