MANILA, Philippines — Listed energy firm AC Energy Corp. (ACEN) said its unit is buying 49% of interest in the Vietnam operations of international renewable energy developer Super Energy Corp. Public Company Ltd. (SUPER) for $165 million.
In a disclosure on Wednesday, the Ayala-led company reported that AC Energy Vietnam Investments Pte. Ltd. (ACEV) signed the share purchase deal with Solar NT, owned by a subsidiary of SUPER.
Solar NT is set to own and operate nine solar power plants with a total capacity of 837 megawatts (MW) across Vietnam.
ACEN will complete the purchase through a secondary shares acquisition.
"Super has accomplished a lot in Vietnam, and we wish to support its solar expansion in Vietnam and beyond through our partnership. This [deal] will help accelerate ACEN’s aggressive renewables expansion across the region”," said ACEN President and Chief Executive Officer Eric Francia.
For ACEV Director Patrice Clausse, the transaction bolsters ACEN's position as a pioneer player in the Southeast Asian renewables market.
ACEN hopes to become the largest listed renewables platform in Southeast Asia, as it targets to reach a renewables capacity of 5,000 MW by 2025.
In October last year, the listed firm vowed to achieve net-zero greenhouse gas emissions by 2050.