AboitizPower acquires wind power facility in Vietnam
MANILA, Philippines — AboitizPower Corp., through its wholly owned subsidiary AboitizPower International, announced Friday its acquisition of Mekong Wind Pte. Ltd. in Vietnam for $46 million, marking the company’s entry into one of Asia’s most attractive markets.
In a statement, AboitizPower said it signed a share purchase agreement to own Mekong Wind, which was previously controlled by 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 company said.
“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,” AboitizPower said.
“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,” it 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.
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