Aboitizpow­er en­ters in­ter­na­tional re­new­able en­ergy mar­ket

Sun Star Bacolod - - Billboard -

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./pr

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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