Ayala's energy unit to acquire 49% stake in Vietnam solar platform of Super Energy

AC ENERGY Corp (ACEN), the listed energy unit of the Philippines' Ayala Group, has entered an agreement to acquire 49 per cent of Solar NT, a solar power platform under Thailand-based Super Energy Corp.

The transaction will involve acquiring secondary shares for US$165 million, ACEN announced in a Jan 31 press release. This is part of ACEN and Super's efforts to grow their renewables footprint across South-east Asia.

Post-restructuring, Solar NT will own and operate 9 solar power plants across Vietnam, with a total capacity of about 837 MW. Both ACEN and Super have also agreed to a strategic partnership to develop, own and operate renewable energy projects across Asean, via their respective subsidiaries.

"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," said ACEN president and CEO Eric Francia.

Jormsup Lochaya, chairman and CEO of Super, added: "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."

ACEN aims to be the largest listed renewables platform in South-east Asia, with a goal of reaching 5,000 MW of renewables capacity by 2025.

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