By
Lenie Lectura - August 26, 2019
ABOITIZ Power
International, a wholly-owned subsidiary of Aboitiz Power Corp., is buying
Vietnam’s Mekong Wind Pte. Ltd. for $46 million.
The acquisition sets
the tone for AboitizPower’s expansion in the international market. “We have
announced our intentions to go international some time back and we have been
prudent in looking for the right opportunity that will bring the best value for
the company and our shareholders. This is such a transaction,” AboitizPower
President and Chief Executive Officer Erramon I. Aboitiz said Friday.
AboitizPower signed a
share purchase agreement for the acquisition of 100-percent ownership of Mekong
Wind from Armstrong Southeast Asia Clean Energy Fund Pte. Ltd.
The acquisition is
subject to customary closing conditions and is expected to complete in the
fourth quarter of 2019.
The acquisition
captures all legal and economic interest in Mekong Wind, which, in turn, holds
a 99-percent direct interest in Dam Nai Wind Power, which owns and operates the
39.4-megawatt (MW) onshore wind power facility in Ninh Thuan Province, Southern
Vietnam.
Ninh Thuan Province
boasts some of the most attractive sites for wind energy in the country.
Dam Nai Wind is one of
the first wind power projects in Vietnam to have been successfully brought
online with commercial operations having commenced in late 2017.
“We are excited for
this opportunity not only to expand beyond the Philippines but to also bring
our experience in the power generation sector, especially in the
renewable-energy space, to Vietnam, said AboitizPower Chief Operating Officer
Emmanuel V. Rubio.
“We are proud of what
we have done with our Cleanergy brand in the Philippines and we will bring the
same level of expertise and dedication to the Vietnam market,” Rubio
added. AboitizPower, together with its partners, generates some
1,200 MW of clean and renewable energy from its portfolio of hydro, geothermal,
and solar power plants, forming its Cleanergy brand.
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