SET-listed clean power generation firm Super Energy Corporation Plc (Super) has sold its 49% share in Solar NT Holdings (Solar NT), which operates nine solar farms in Vietnam, to Ayala Group, the largest business conglomerate in the Philippines, in a move to form strategic partnership in clean energy projects.
The company sold the shares through its wholly-owned Super Energy Group (Hong Kong) to AC Energy Vietnam Investment Pte, a subsidiary of AC Energy Corporation, a renewable energy investment company, which is listed on the Philippine Stock Exchange.
AC Energy Corporation is a core business of Ayala Group, said Jormsup Lochaya, chief executive of Super, as he has submitted a letter to notify the Stock Exchange of Thailand of the Super board's decision to change shareholding in Solar NT.
The share purchase agreement with conditions precedent has an approximate transaction value of US$165 million, or around 5.49 billion baht.
Super will dilute its shareholding to 51% after the acquisition deal is completed.
This share transaction will allow Super to team up with a new business partner to co-invest and jointly develop solar power businesses in the Asean region, excluding Thailand, in the long term.
Solar NT is currently in the process of restructuring the company.
After the completion of its restructuring, Solar NT will have direct and indirect subsidiaries which operate nine solar farms, with a total electricity generating capacity of approximately 837 megawatts, said Mr Jormsup. All nine facilities have already started commercial operations.
Super is also carrying out a project to develop a smart power supply from 16MW rooftop solar panels, with an energy storage system, at Mahidol University.