Philippine energy giant Acen to take major stake in Thai firm’s Vietnam business

Acen Corporation, a major energy firm in the Philippines, will acquire a 49% stake in Thailand-based Super Energy Corporation’s solar power business in Vietnam this year for about $165 million.

Super Energy Corporation currently owns and operates 837 MW solar power generating projects in Vietnam via its Solar NT unit.

In a Monday announcement, Acen said that the 49% ownership of Solar NT will be achieved via a phased acquisition process. The first phase of the transaction has been completed, while the remaining phases are expected to be completed within 2023.

The investment will boost Acen’s portfolio in Vietnam and Laos to approximately 1,200 MW, further solidifying its position as a leading renewable energy business in Southeast Asia.

Acen said it shares the belief in a sustainable future with Super Energy Corporation. Their combined strengths and extensive experience in renewable energy development will unlock new opportunities to grow the strategic partnership’s portfolio, create jobs and accelerate the energy transition, it added.

As of March 2023, Acen’s attributable renewable energy capacity reached nearly 4 GW, including 1.6 GW in the Philippines, 1 GW in Australia, 0.6 GW in Vietnam, 0.5 GW in India and 0.3 GW in Indonesia.

Super Energy Corporation started investing in Vietnam's renewable energy sector in 2017. The firm operates nine solar power projects and one wind power project in the southern region and the Central Highlands with a total capacity of 886 MW. In January, its subsidiary Asia Energy Co. Ltd. broke ground for the 50-megawatt Asia Dak Song 1 wind power project in the Central Highlands province of Dak Nong.

The leading Thai renewable energy company said in March that it plans to invest 41.5 billion baht ($1.2 billion) in renewable developments in Thailand and Vietnam between 2023 and 2025. It said most of the 2023 spending will be on the development of wind farms in Vietnam, including a 30 megawatt offshore project in Soc Trang and a 70 MW near-shore wind farm in Bac Lieu, both provinces in southern Vietnam.

Solar power projects in Vietnam have been attracting foreign investors.

In June, the UK's Coro Energy acquired a 2.39 MW portfolio for $1.3 million from shareholders of Kimy Trading and Service JSC, a local firm. In November 2022, the portfolio featured four locations in Ho Chi Minh City with a capacity of 3.25 MW that had been operational for two years. After site visits and due diligence, one solar rooftop system was removed from the deal, taking the portfolio to 2.39 MW.

Also in June, Singapore-headquartered TotalEnergies ENEOS has signed a share purchase agreement (SPA) to acquire a 3.4 MWp rooftop solar power system portfolio from Vietnam's Sao Mai Solar Company. The system is installed on the roof of the Asia Fish Oil (AFO) and International Development and Investment JSC factories in the Vam Cong Industrial Cluster, Mekong Delta province of Dong Thap.

In March, agribusinesses De Heus Vietnam and Bel Ga JSC signed agreements with Green Roof, a local rooftop solar power developer, to install rooftop solar power systems at their establishments in the next two years. The two sides will set up rooftop solar systems of up to 20 MWp at 30 facilities of the two agribusinesses in 19 cities and provinces of Vietnam.