The transferee is Sunstainable Asia Renewable Assets (SARA) – a member of the SUSI Partners’ Asia Energy Transition Fund focusing on renewable energy development.
According to Asian Power, citing Scatec, the Norwegian energy giant will receive an upfront payment of $27 million for the 100% stake post-completion, with the potential for an additional $13 million if certain conditions are met before May 2026.
“We decided to exit Vietnam after operating the Dam Nai wind farm since 2021, following the acquisition from SN Power. We are pleased with the agreed price, and the transaction is in line with our strategy to optimize our portfolio to focus on markets with higher growth opportunities,” said Terje Pilskog, CEO of Scatec.
The Dam Nai wind project currently has a net debt of approximately $28 million as of Q2 2024, with total transaction values amounting to $68 million, according to Asian Power. The project has generated about $14 million in cash for Scatec since the SN Power merger in 2021.
The sale of Dam Nai is expected to close in early 2025, subject to approvals. Scatec estimates the divestment costs, including capitalization costs, to be around $4.5 million, which will be recognized in Q3 2024.
Dam Nai is the first foreign-owned wind project in Vietnam. With a total investment of over VND 1,500 billion, the project became operational in 2018, comprising 15 turbines with a total capacity of over 39MW.
Dam Nai Wind Project
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Dam Nai Wind Power JSC, the project operator, was established in August 2016, specializing in wind power production and business. Its legal representative is Jean Francois Pierre Peron (French nationality), who serves as the Chairman of the Board of Directors.
The initial chartered capital was nearly VND 22.9 billion, with 64.4% foreign-owned and 35.6% privately held. There were three founding shareholders, including Green Circle Vietnam Co., Ltd. (based in Da Kao, District 1, Ho Chi Minh City, represented by Mr. Paron), holding 81.2% of the charter capital; and two Singapore-based companies represented by Olivier Michel Rene Duguet, namely Mekong Wind Pte. Ltd., holding 15.4%, and The Blue Circle Pte. Ltd., holding the remaining stake.
However, in June 2017, while the founding shareholders remained the same, Mekong Wind Pte. Ltd. held the entire capital contribution. In August 2017, the chartered capital of Dam Nai Wind Power JSC increased to over VND 193.5 billion, fully owned by Mekong.
In July 2018, Edward Thomas Douglas (UK nationality) was added as the legal representative and Chairman of the Board, while Mr. Peron served as the General Director. Then, in September 2018, the chartered capital further increased to over VND 304.5 billion, with no change in the shareholder structure. On October 8 of the same year, Do Van Dien replaced Mr. Peron as the legal representative and General Director, working alongside Mr. Douglas.
In 2020, there was another leadership change. Andrew Mark Affleck (UK nationality) and Nguyen Le Anh Binh took on the roles of Chairman of the Board and General Director, respectively, while also serving as legal representatives.
However, in early 2021, the project changed hands, with SN Power Vietnam Renewable S.B.V. acquiring a 100% stake. This change of ownership also led to a significant shift in the management of Dam Nai Wind Power JSC. The positions of legal representative and General Director were held by Torbjorn Elliot Kirkeby (Norwegian nationality) and Huynh Dinh Hiep, respectively. In April 2021, Hiep stepped down, and Tran Viet Ngoc Trang took over as the new General Director. But after just one month, at the end of May 2021, Nguyen Thi My Linh assumed the role of General Director and legal representative, alongside Mr. Kirkeby.
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SN Power acquired 100% stake in 2021, at the time of the merger with Scatec
Source: National Enterprise Registration Portal
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In January 2023, Mark Chandran Ravunni (Malaysian nationality) replaced Kirkeby as Chairman of the Board and legal representative, working alongside Ms. Linh.
Ms. Linh also serves as the Director and legal representative for the Cat Hiep solar power plant project in Hoi Van village, Cat Hiep commune, Phu Cat district. The project is invested by TTP Binh Dinh High-Tech Energy JSC. With a total investment of over VND 1,030 billion, the Cat Hiep solar power plant is a collaboration between Quadran International (France) and Truong Thanh Vietnam Group. It is built on an area of over 60 hectares, with a capacity of 49.5 MWp, and is equipped with 150,000 solar panels. The plant’s 110 kV double-circuit transmission line is connected to the 110 kV Phu Cat substation, spanning a length of 5.5 kilometers. The plant commenced commercial operations, supplying an average of 78 million kWh to the national power grid annually.
Hai Au
