Oslo, November 5. 2020 - The Norwegian renewable energy company, SN Power AS, has signed a binding agreement to acquire 100% of the shares in the 39.4 MW Dam Nai Wind Power Joint Stock Company in Vietnam from Mekong Wind Pte Ltd which is fully owned by the Singapore based Armstrong South East Asia Clean Energy Fund.
With operations across the world, SN Power develops, builds, acquires, owns and operates sustainable renewable energy projects in emerging markets. “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.
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.
“Vietnam is expected to face substantial power demand growth, this will be driven by renewable energy”, 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”, he continues.
The takeover of Dam Nai Wind is expected to take place first quarter 2021.
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).
Questions can be raised to Elsbeth Tronstad, EVP Shared Services, +47 905 82 383
About Scatec Solar:
Scatec Solar is headquartered in Oslo, Norway and listed on the Oslo Stock Exchange. Scatec Solar is a leading integrated independent solar power producer, delivering affordable, rapidly deployable and sustainable clean energy worldwide. A long- term player, Scatec Solar develops, builds, owns and operates solar power plants and has an installation track record of more than 1.6 GW. Together, SN Power and Scatec Solar will become a substantial global IPP across solar, hydro, wind and storage with a total of 3.3 GW in operation and under construction on four continents.