Skip to main content

Scatec to sell wind plant in Vietnam to SUSI Asia Energy Transition Fund

Oslo, 13 September 2024: Scatec ASA, a leading renewable energy provider, 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”). Scatec will receive an upfront consideration of USD 27 million for its 100% equity stake at completion, with potential for additional earn-out payments of up to USD 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. We are confident that SUSI will be a strong owner of the wind farm and will continue to contribute to the renewable energy journey of Vietnam. We would like to thank our local team for their contributions over the last years, as well as our partners, government stakeholders and lenders,” says Scatec CEO Terje Pilskog.

Total net interest bearing debt related to the Dam Nai Wind farm was approximately USD 28 million at the end of the second quarter 2024, amounting to a transaction enterprise value of up to USD 68 million including the contingent earn-out payment. The wind farm has additionally generated a cash flow to equity of approximately USD 14 million to Scatec since the acquisition in 2021.

The transaction is expected to close within the first half of 2025, subject to customary regulatory approvals. At the Scatec Group level, the transaction is estimated to generate an accounting gain at closing of approximately USD 8 million on a proportionate and consolidated basis, including a fair value estimate of the contingent consideration. Following the transaction Scatec will exit all operations in Vietnam resulting in exit costs, including capitalised development expenses, of approximately USD 4.5 million which will be recognised in the third quarter 2024 results.

Notes to the editor:

  • Dam Nai Wind is located in the Ninh Thuan province in the southern part of the country and consist of 15 Siemens wind turbine generators with a total capacity of 39 MW.
  • 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.
  • Scatec Solar Solutions Vietnam Co., Ltd was initially established in February 2020 as a wholly owned subsidiary of Scatec through the ownership of Scatec Solar Netherlands B.V.

For further information, please contact:
For analysts and investors: Andreas Austrell, VP IR, phone: +47 974 38 686, andreas.austrell@scatec.com
For media: Meera Bhatia, SVP External Affairs & Communications, phone: +47 468 44 959, meera.bhatia@scatec.com

About Scatec  
Scatec is a leading renewable energy solutions provider, accelerating access to reliable and affordable clean energy in emerging markets. As a long-term player, we develop, build, own, and operate renewable energy plants, with 4.7 GW in operation and under construction across four continents today. We are committed to grow our renewable energy capacity, delivered by our passionate employees and partners who are driven by a common vision of ‘Improving our Future’. Scatec is headquartered in Oslo, Norway and listed on the Oslo Stock Exchange under the ticker symbol ‘SCATC’. To learn more, visit www.scatec.com or connect with us on LinkedIn.  

This information is considered to be inside information pursuant to the EU Market Abuse Regulation and is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act.

This stock exchange announcement was published by Kine Aaltvedt, IR Analyst at Scatec ASA, on 13 September at 06:03 CEST.

Disclaimer & Cookie Notice

Welcome to GOLDEA services for Professionals

Before you continue, please confirm the following:

Professional advisers only

I am a professional adviser and would like to visit the GOLDEA CAPITAL for Professionals website.

Important Notice for Investors:

The services and products offered by Goldalea Capital Ltd. are intended exclusively for professional market participants as defined by applicable laws and regulations. This typically includes institutional investors, qualified investors, and high-net-worth individuals who have sufficient knowledge, experience, resources, and independence to assess the risks of trading on their own.

No Investment Advice:

The information, analyses, and market data provided are for general information purposes only and do not constitute individual investment advice. They should not be construed as a basis for investment decisions and do not take into account the specific investment objectives, financial situation, or individual needs of any recipient.

High Risks:

Trading in financial instruments is associated with significant risks and may result in the complete loss of the invested capital. Goldalea Capital Ltd. accepts no liability for losses incurred as a result of the use of the information provided or the execution of transactions.

Sole Responsibility:

The decision to invest or not to invest is solely the responsibility of the investor. Investors should obtain comprehensive information about the risks involved before making any investment decision and, if necessary, seek independent advice.

No Guarantees:

Goldalea Capital Ltd. makes no warranties or representations as to the accuracy, completeness, or timeliness of the information provided. Markets are subject to constant change, and past performance is not a reliable indicator of future results.

Regional Restrictions:

The services offered by Goldalea Capital Ltd. may not be available to all persons or in all countries. It is the responsibility of the investor to ensure that they are authorized to use the services offered.

Please note: This disclaimer is for general information purposes only and does not replace individual legal or tax advice.