Scatec to exit Vietnam with sale of 39-MW wind farm to SUSI

Norwegian renewable power producer Scatec ASA (OSL:SCATC) has agreed to sell a 39-MW operational wind farm in Vietnam to a unit of Swiss fund manager SUSI Partners in a deal valued at up to EUR 40 million (USD 44m).

Equipped with 15 Siemens turbines, the Dam Nai Wind farm is located in the Ninh Thuan province in the southern part of the country.

The transaction terms envisage paying an upfront consideration of USD 27 million at completion for the 100% equity stake, plus a potential earn-out of up to USD 13 million, subject to certain milestones being achieved.

“We have decided to exit Vietnam after operating the Dam Nai wind farm since the acquisition of SN Power in 2021. We are satisfied with the agreed price and the sale is in line with our strategy to optimise our portfolio and focus on markets where we see further attractive growth opportunities,” said Scatec’s CEO Terje Pilskog.

The investment is aimed at bolstering the business of Sustainable Asia Renewable Assets (SARA), a utility-scale renewable energy platform of the SUSI Asia Energy Transition Fund (SAETF). It will provide an anchor for the development, construction, and operation of further utility-scale renewable energy projects in nearby regions, SUSI said in a separate statement.

The transaction is set to close in the first half of 2025, subject to customary regulatory approvals.

(EUR 1 = USD 1.102)

Choose your newsletter by Renewables Now. Join for free!