Scatec ASA, a Norwegian renewable energy developer, has just announced that it has signed an agreement to sell the 39 MW Dam Nai Wind Farm to Sustainable Asia Renewable Assets (SARA).
Sustainable Asia Renewable Assets (SARA) is a renewable energy platform of the SUSI Asia Energy Transition Fund (SAETF), according to a press release on the website https://scatec.com/. Scatec will receive an upfront payment of $27 million for its 100% stake upon completion of the transaction. It may also receive an additional $13 million subject to certain conditions being met by May 2026.
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| Dam Nai wind farm is a check-in spot loved by young people in Ninh Thuan . Photo: collected |
“We have decided to exit Vietnam after operating the Dam Nai Wind Farm since its acquisition from SN Power in 2021. We are satisfied with the agreed price and the sale of this asset is consistent with our strategy to optimize our portfolio and focus on markets where we see more attractive growth opportunities.
We are confident that SUSI will continue to contribute to Vietnam’s renewable energy journey. We would like to thank our local team for their contributions over the years, as well as our partners, government stakeholders and lenders,” said Terje Pilskog, CEO of Scater.
Total net interest-bearing debt related to the Dam Nai Wind Farm is approximately $28 million at the end of Q2/2024, representing an enterprise value of approximately $68 million, including the contingent income payment. The wind farm has also generated additional cash flows to equity for Scatec of approximately $14 million since its acquisition in 2021.
The transaction is expected to close in the first half of 2025, subject to customary regulatory approvals. At the Scatec Group level, the transaction is estimated to generate accretion of approximately $8 million on a consolidated basis.
Dam Nai Wind Power Plant is located in Ninh Thuan province, including 15 Siemens wind turbine generators with a total capacity of 39 MW.
Dam Nai Wind Power Joint Stock Company became a 100% owned subsidiary of Scatec when Scatec Solar Netherlands BV acquired SN Power Vietnam Renewables BV in May 2021.
Scatec is a leading provider of renewable energy solutions. Scatec has 4,221 MW under management and is constructing 462 MW.
Source: https://baodautu.vn/scatec-asa-ban-trang-trai-dien-gio-dam-nai-tai-ninh-thuan-d224888.html
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