AboitizPower halts buyout of Vietnam wind facility

Danessa Rivera (The Philippine Star) - April 3, 2020 - 12:00am

MANILA, Philippines — Aboitiz Power Corp. has terminated its acquisition of a 39.4-megawatt (MW) wind power facility in Ninh Thuan Province, Vietnam.

It, however, will not fully abandon plans to enter the attractive Vietnam energy market.

In a disclosure to the Philippine Stock Exchange yesterday, AboitizPower said subsidiary AboitizPower International Pte. Ltd. has not proceeded with its planned acquisition of a 100 percent ownership interest in Mekong Wind Pte. Ltd. from Armstrong Southeast Asia Clean Energy Fund Pte. Ltd. (AAM).

AboitizPower said the termination of the transaction has no impact on AboitizPower’s existing operations and financial performance.

The company said it is still in discussions with AAM to revisit the acquisition at a future date.

Mekong Wind holds a 99.99 percent direct interest in Dam Nai Wind Power JSC, which owns and operates the 39.4-megawatt onshore wind power facility in Ninh Thuan province in Southern Vietnam.

The facility boasts some of the most attractive sites for wind energy in the country.

The proposed transaction was in line with the company’s goal to reach 4,000-MW net attributable capacity this year.

If the transaction pushed through, the total purchase should have amounted to approximately $46 million.

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