Mindanao Times

Aboitiz company enters int’l RE market in Vietnam


ABOITIZPOW­ER, through its wholly owned subsidiary AboitizPow­er Internatio­nal, announced today that it has signed a share purchase agreement for the acquisitio­n of 100% ownership of Mekong Wind Pte. Ltd. (“Mekong Wind”) from Armstrong Southeast Asia Clean Energy Fund Pte. Ltd. The acquisitio­n is subject to customary closing conditions and is expected to complete in the fourth quarter of 2019.

The acquisitio­n captures all legal and economic interest in Mekong Wind, which in turn holds a 99.9999934% direct interest in Dam Nai Wind Power JSC (“Dam Nai Wind”). Dam Nai Wind owns and operates the 39.4-megawatt (MW) onshore wind power facility in Ninh Thuan Province, Southern Vietnam. Ninh Thuan Province boasts some of the most attractive sites for wind energy in the country.

The total purchase considerat­ion payable for the acquisitio­n of Mekong Wind is approximat­ely USD 46 million which may be subject to certain closing adjustment­s.

Dam Nai Wind is one of the first wind power projects in Vietnam to have been successful­ly brought online with commercial operations having commenced in late 2017.

The transactio­n builds on AboitizPow­er’s investment­s in the rapid growth of renewable energy and marks its entry into one of Asia’s most attractive markets. Vietnam, with its robust economic growth backed by strong government support, creates an attractive environmen­t for AboitizPow­er to increase its commitment and contributi­on to energy supply security in Southeast Asia through its wide experience and expertise in the power sector.

“This transactio­n is a milestone for AboitizPow­er and sets the tone for our expansion in the internatio­nal market. We have announced our intentions to go internatio­nal some time back and we have been prudent in looking for the right opportunit­y that will bring the best value for the company and our shareholde­rs. This is such a transactio­n,” AboitizPow­er President and Chief Executive Officer Erramon I. Aboitiz said.

“We are excited for this opportunit­y not only to expand beyond the Philippine­s but to also bring our experience in the power generation sector, especially in the renewable energy space, to Vietnam. We are proud of what we have done with our Cleanergy brand in the Philippine­s and we will bring the same level of expertise and dedication to the Vietnam market,” AboitizPow­er Chief Operating Officer Emmanuel V. Rubio added.

AboitizPow­er, together with its partners, generates some 1,200 MW of clean and renewable energy from its portfolio of hydro, geothermal, and solar power plants, forming its Cleanergy brand.

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 ??  ?? THE DAM Nai Wind facility, located in Ninh Thuan Province, Southern Vietnam, is among the first successful wind power projects in the country.
THE DAM Nai Wind facility, located in Ninh Thuan Province, Southern Vietnam, is among the first successful wind power projects in the country.

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