Norwegian renewable energy solutions provider sells wind plant in Vietnam
Scatec ASA, Norwegian renewable energy provider, has signed an agreement to sell the 39-megawatt (MW) Đầm Nại Wind farm and the associated operating company in Việt Nam to Sustainable Asia Renewable Assets (SARA), a utility-scale renewable energy platform of the SUSI Asia Energy Transition Fund (SAETF). — File Photo |
It has signed an agreement to sell the 39-megawatt (MW) Dam Nai Wind farm and the associated operating company in Vietnam to Sustainable Asia Renewable Assets (SARA), a utility-scale renewable energy platform of the SUSI Asia Energy Transition Fund (SAETF), the company said in a recent statement.
Scatec will receive an upfront payment of US$27 million for its 100% equity stake at completion, with potential for additional earn-out payments of up to US$13 million, that are subject to certain conditions being fulfilled prior to May 2026.
“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,” says Scatec CEO Terje Pilskog.
Total net interest bearing debt related to the Dam Nai Wind farm was approximately US$28 million at the end of the second quarter 2024. The wind farm has additionally generated a cash flow to equity of approximately US$14 million to Scatec since the acquisition in 2021.
The transaction is expected to close within the first half of 2025, subject to regulatory approvals.
Following the transaction Scatec will exit all operations in Vietnam with costs, including capitalised development expenses, of approximately US$4.5 million, which will be recognised in the third quarter 2024 results.
Dam Nai Wind is located in the Ninh Thuan province in the southern part of the country and consists of 15 Siemens wind turbine generators.
Dam Nai Wind Joint Stock Company became a wholly owned subsidiary of Scatec when Scatec Solar Netherlands B.V. acquired SN Power Vietnam Renewables B.V in May 2021.
See also
Industry sector asked to urgently restart Ninh Thuan nuclear power project
14:35 | 24/12/2024 Energy
Success story behind 500kV Circuit-3 transmission line project
16:43 | 23/12/2024 Energy
Ministry proposes incentives for renewable energy projects
16:17 | 20/12/2024 Energy
Small nuclear reactors could power Vietnam’s net-zero future: experts
09:16 | 17/12/2024 Energy
Việt Nam needs a competitive energy market: experts
16:59 | 08/12/2024 Energy
Việt Nam resumes nuclear power project amid rising energy demands
17:07 | 07/12/2024 Energy
See more news
Reviving nuclear power programme believed a correct policy
09:09 | 02/12/2024 Energy
Viet Nam to restart Ninh Thuan nuclear power project
20:27 | 01/12/2024 Energy
Chinese corporation interested in waste-to-energy plant in Can Tho
15:57 | 29/11/2024 Energy
Vietnam seeks Danish assistance in green energy development
11:21 | 26/11/2024 Energy
Huge potential for VN, UK to boost cooperation in clean energy
15:29 | 25/11/2024 Energy
Solutions discussed to ensure coal supply for electricity generation in 2025
16:24 | 19/11/2024 Energy
Residents support restarting Ninh Thuận Nuclear Project, call for clear roadmap
14:46 | 18/11/2024 Energy
Nuclear power development projects to restart: MoIT
16:42 | 17/11/2024 Energy
Project launched to advance energy transition in Việt Nam
10:15 | 16/11/2024 Energy
Electricity demand in 2025 to be basically met: ministry
08:49 | 15/11/2024 Energy
Lao Cai – Hanoi - Hai Phong railway to foster Vietnam - China trade
09:17 | 27/12/2024 Trade
Ninh Binh promotes green tourism development
06:22 | 27/12/2024 Tourism
Agricultural, rural tourism provides opportunities for “take-off”
06:15 | 27/12/2024 Tourism
Air tickets from HCMC fully booked for Tet holiday
17:31 | 26/12/2024 Society
Cheap capital returns to banks
16:20 | 26/12/2024 Economy
Multimedia
Glorious tradition of the Vietnam People's Army
08:30 | 22/12/2024 Infographic
Total FDI registered in Vietnam hits 31.4 billion USD in January-November
09:02 | 17/12/2024 Infographic
First 11 months of 2024: Import-export turnover increases 15.4%
10:55 | 16/12/2024 Infographic
11-month agro-forestry-fishery exports exceed yearly target
19:55 | 15/12/2024 Infographic
Hanoi achieves or exceeds 23/24 socio-economic targets for 2024
08:57 | 13/12/2024 Infographic
Amended Electricity Law proves MoIT’s institutional improvement success
17:06 | 23/12/2024 Policy
Ministry proposes extending agricultural land tax exemption through 2030
15:06 | 23/12/2024 Policy
Gov't targets to gradually make English second language at schools by 2030
15:45 | 21/12/2024 Policy
Nine newly-adopted laws made public
16:42 | 20/12/2024 Policy
Industry sector asked to urgently restart Ninh Thuan nuclear power project
14:35 | 24/12/2024 Energy
Success story behind 500kV Circuit-3 transmission line project
16:43 | 23/12/2024 Energy
Ministry proposes incentives for renewable energy projects
16:17 | 20/12/2024 Energy
The Era of Advancement for Vietnam Industrial Park
17:15 | 19/12/2024 Industry
Vietnam increasingly attractive to foreign investors
14:17 | 24/12/2024 Investment
Nghe An Southeast Economic Zone aims to attract 1 billion USD in FDI in 2025
12:33 | 21/12/2024 Investment
Boeing aims to expand investment and cooperation in Vietnam’s defense sector
17:00 | 19/12/2024 Investment
Can Tho attracts non-state investment
10:21 | 17/12/2024 Investment
Banking sector: Capital flows with no congestion
15:35 | 25/12/2024 Finance-Banking
Cashless payment requires biometric data updating from January 1, 2025
10:30 | 24/12/2024 Finance-Banking
Year-end surge in property bond issuance amid financial challenges
09:39 | 20/12/2024 Finance-Banking
Vietcombank named most valuable brand in Vietnam
16:43 | 18/12/2024 Finance-Banking
Sowing millions of seeds to green Vietnam’s shared home
15:08 | 24/12/2024 Environment
Dong Thap revives red-crowned crane population
14:29 | 24/12/2024 Environment
Vietnam likely to face continued turbulent weather systems in 2025
14:26 | 19/12/2024 Environment
Nature-based projects help Mekong Delta fight climate change
16:31 | 18/12/2024 Environment
Innovative startup ecosystem witnesses strong development
09:21 | 25/12/2024 Science - Technology
Top 10 science and technology highlights in Vietnam in 2024 announced
15:10 | 24/12/2024 Science - Technology
Contracts worth 286.3 million USD inked at Vietnam Int’l Defence Expo 2024
17:02 | 22/12/2024 Science - Technology
Vietnam can partner with UK in developing nuclear power: Expert
12:43 | 21/12/2024 Science - Technology
Air tickets from HCMC fully booked for Tet holiday
17:31 | 26/12/2024 Society
Bac Ninh Province focuses on year-end market stabilization
16:21 | 25/12/2024 Society
Vietnam aims to reduce greenhouse gas emissions in agriculture production
08:57 | 25/12/2024 Society
Metro Line 1 serves 150,000 passengers on opening day
15:35 | 24/12/2024 Society
PV GAS sets many records, exceeds 2024 production, business plan
16:57 | 25/12/2024 Vietnamese Brands
“PV GAS - Green Energy Journey” marathon: Act for health, act for the environment
06:00 | 25/12/2024 Vietnamese Brands
PV GAS reviews maintenance and repair of gas facilities in 2024
15:27 | 24/12/2024 Vietnamese Brands
Vietnamese products make waves at Malaysia’s halal festival
15:06 | 24/12/2024 Vietnamese Brands
“City Tet Fest - Thu Duc 2025” New Year Festival to be held soon
16:33 | 25/12/2024 Culture
“Xen Dong” ceremony of Thai ethnic people recognised as national intangible cultural heritage
16:24 | 24/12/2024 Culture
Fireworks to light up sky over Hanoi on New Year celebration
15:13 | 23/12/2024 Culture
Vietnam’s high-end fashion targets Chinese market
10:04 | 22/12/2024 Culture
Ninh Binh promotes green tourism development
06:22 | 27/12/2024 Tourism
Agricultural, rural tourism provides opportunities for “take-off”
06:15 | 27/12/2024 Tourism
Son La rural tourism promoted
10:54 | 25/12/2024 Tourism
Vietnam aims to welcome 22-23 million international visitors in 2025
14:56 | 24/12/2024 Tourism