Scatec ASA Makes a Massive Deal: USD 40 Million on the Table for Vietnamese Wind Farm

Oslo, 13 September 2024: In a groundbreaking development, Scatec ASA, a leading renewable energy provider, has inked an agreement to sell its stake in the 39-megawatt (MW) Dam Nai Wind farm in Vietnam to Sustainable Asia Renewable Assets (SARA), a utility-scale renewable energy platform under the umbrella of the SUSI Asia Energy Transition Fund (SAETF).

This significant deal stipulates that Scatec ASA will receive an upfront consideration of USD 27 million for its 100% equity stake at completion. Moreover, the agreement also includes a potential earn-out payment of up to USD 13 million that will be paid to Scatec ASA, subject to the fulfillment of certain predetermined conditions prior to May 2026.

Scatec ASA has demonstrated remarkable prowess in the renewable energy sector, particularly in the Asia-Pacific region, through its involvement in various high-profile projects. This deal not only showcases the company's acumen in fostering collaborations but also underlines its dedication to promoting sustainable energy solutions.

The sale of the Dam Nai Wind farm represents a strategic move by Scatec ASA, enabling the company to allocate resources and expertise to new projects, while at the same time, strengthening its relationship with key partners like the SUSI Asia Energy Transition Fund.

Sustainable Asia Renewable Assets (SARA), the acquiring party, is poised to reinforce its footprint in the Vietnamese renewable energy landscape with the addition of the 39-MW Dam Nai Wind farm to its portfolio. This acquisition not only emphasizes SARA's commitment to supporting the growth of the renewable energy sector but also signifies the company's resolve to provide clean, efficient energy solutions to the region.

The successful completion of this deal is contingent upon the fulfillment of customary closing conditions. Assuming a smooth transaction process, the acquisition of the Dam Nai Wind farm is expected to have a positive impact on the renewable energy landscape of Vietnam.

Over the past decade, there has been an uptick in demand for renewable energy sources globally. Deal-making in the renewable energy sector has been robust, reflecting a clear-cut intention by market players to prioritize green energy solutions and align their activities with the pressing need for environmentally friendly developments.

Scatec ASA and Sustainable Asia Renewable Assets are among a growing number of industry players working diligently to unleash the full potential of renewable energy. By driving innovation and advocating for sustainable energy initiatives, such entities are not only ensuring the survival of our ecosystem but also propelling the economic growth and success of regional markets worldwide.