Super Energy Corp has announced that its Board has approved the investment in for four solar projects in Vietnam with a total installed capacity of 750 MW.
Thailand-based Super Energy Corporation has announced that its Board of Directors has approved the investment in solar power projects by a subsidiary of the company in Vietnam, for four projects with a total installed capacity of 750 megawatts (MW).
As per the press statement, the total transaction value will not be exceeding USD 456.7 million. And under the agreement, the energy group will pay USD 72.9 million to get majority stakes in four photovoltaic (PV) assets that are under construction in the southern province of Binh Phoc. The balance amount of USD 383.8 million will be allocated to complete the power plants’ construction.
Following the transaction, Super Energy Corporation, through its subsidiary Super Solar Thailand Co, will own around 70 percent in the Loc Ninh 1, 2 and 4 projects, each of 200 MW, and the 150-MW Loc Ninh 3. All of them are scheduled for completion by December 30, 2020, and will get a USD-7.09/kWh feed-in-tariff (FIT) for 20 years, according to a preliminary estimate. It will be distributed under a power purchase agreement with state-owned utility Vietnam Electricity (EVN) from June 2019.
As per the statement, the Board of Directors and the Risk Management Committee are of the opinion that the entering into the transaction is reasonable. it is beneficial to the company and the shareholders of the company.
Further adding that “by investing in Vietnam, these three projects will help strengthen the competitiveness and competitiveness in the business. This is because Vietnam is a country with high potential for renewable energy development. Especially solar and wind energy. And Vietnam is in the direction of growing trade and industry, so there is a tendency to increase energy consumption. Currently, the Government of Vietnam gives priority to Alternative Energy. And the goal is to produce more. To reduce the environmental impact. And to build energy security for the country. This is a good opportunity for the company to invest in.”
