Scatec sold its wind power farm in Vietnam to SUSI

The Norwegian renewable power producer Scatec ASA announced on February 13 that it has completed the sale of the 39MW Dam Nai wind farm it had invested in Vietnam's south-central coastal province of Ninh Thuan 

Reference is made to the stock exchange notice on September 13, 2024, regarding the sale of Scatec ASA’s 100 per cent stake in the 39MG Dam Nai wind farm and the associated operating company in Vietnam to Sustainable Asia Renewable Assets, a utility-scale renewable energy platform of the SUSI Asia Energy Transition Fund.

The deal valued at up to $40 million which was agreed upon in September. The transaction is now completed, and Scatec has received the initial payment of $27 million, with potential for additional earn-out payments of up to $13 million that are subject to certain conditions being fulfilled prior to May 2026.

At the Scatec Group level, the transaction generated an accounting gain of approximately $8 million on a proportionate and consolidated basis, including a fair value estimate of the contingent consideration, which will be recognised in the first quarter 2025.

Upon the completion of the transaction, Scatec will exit all operations in Vietnam.

The Dam Nai wind farm will become a cornerstone asset of SAETF's utility-scale energy platform Sustainable Asia Renewable Assets (SARA). Together with the associated operating company, it will provide an anchor for the development, construction, and operation of further utility-scale renewable energy projects in nearby regions.

SARA will consolidate ownership of SAETF's grid-scale renewable energy projects across the emerging markets of Southeast Asia. As the first operating project of the platform, Dam Nai adds crucial scale to the platform and provides access to a growing and increasingly liberalised Vietnamese utility-scale renewables market.