SN Power has acquired 100% of the shares in the 39.4 MW Dam Nai Wind Power JSC in Vietnam from Mekong Wind Pte Ltd which is fully owned by the Singapore based Armstrong South East Asia Clean Energy Fund.

“The acquisition of Dam Nai Wind will contribute to growth and diversification of SN Power’s portfolio in Asia. It is also a step into the wind power business which, alongside of the ongoing SN Power floating solar initiatives, will contribute to making SN Power a broad based renewable energy company”, Erik Knive CEO of SN Power, says.

Andrew Affleck, Managing Partner of Armstrong Asset Management Pte Ltd, says: “The Dam Nai Wind Power project was one of the first operating plants constructed in Vietnam, notably with local project finance from state owned bank BIDV. This deal sets another important milestone for Vietnam as one of the first international wind energy acquisitions.. The successful completion of the transaction amidst global uncertainties continues to highlight the strong interest and appetite for quality renewable energy assets in the region.”

“Vietnam is expected to face substantial growth in power demand which will be met with a significant growth in renewable energy capacity”, Torbjorn E. Kirkeby-Garstad, Executive Vice President Asia of SN Power, says. “We have been following the Vietnamese power market for many years, and this acquisition gives us a foothold in the Vietnamese energy sector and will serve as a steppingstone for further growth in Vietnam.”

Dam Nai Wind, is located in the “renewable energy capital” of Vietnam in the Ninh Thuan province approximately 350 km north of Ho Chi Minh City in the southern part of the country. The wind farm was constructed in two phases – Phase I (7.9 MW) reached commercial operations on 8 October 2017 and Phase II (31.5 MW) reached commercial operations on 13 December 2018. The asset consists of 15 wind turbine generators each with a rated capacity of 2.625 MW, totalling an average annual generation of 123.2 GWh. The site encompasses an area of approximately 133,000m2, at ~10m above sea level, with flat topology and is surrounded by and interspersed with rice fields.

About SN Power
SN Power invests in clean, renewable energy on commercial basis in Africa, Asia and Latin America. It has a multinational team of experts employed globally in its operations and projects and is head-quartered in Oslo, Norway. SN Power’s current owner Norfund (the Norwegian Investment Fund for developing countries) recently entered into a Share Purchase Agreement with Scatec Solar with regards to a full acquisition of SN Power (with some exceptions in Africa and Latin America).
 

About Armstrong Asset Management Pte. LTd. (Armstrong)
Armstrong is an independent clean energy asset manager, committed to investing into clean energy infrastructure assets that leave a long term positive impact on society and the natural environment. Armstrong is a Singapore based firm, with an investment mandate dedicated to developing countries in Southeast Asia.

For more information contact:

SN Power: EVP Communications, Elsbeth Tronstad: +47 905 82 383 (elsbeth.tronstad@snpower.com)


Armstrong Asset Management : Investment Manager, Sharon Yeo: +65 6826 2583 (sharon.yeo@armstrongam.com)