AC Energy forges strategic partnership with SUPER

BY LENIE LECTURA – FEBRUARY 2, 2022
from Business Mirror

AC Energy Corp. (ACEN) is expanding its renewable energy (RE) portfolio across Asean by entering into a strategic partnership with Super Energy Corporation Public Company Limited (SUPER).

ACEN’s subsidiary, AC Energy Vietnam Investments Pte. Ltd. (ACEV), and SUPER’s subsidiary, Super Energy Group (Hong Kong) Co., Limited (Super HK), signed a share purchase agreement to acquire a 49-percent interest in Solar NT, which is owned by SUPER HK.

The transaction, which will be via the acquisition of secondary shares for $165 million, is the beginning of a strategic partnership between ACEN and SUPER which will continue to expand their renewable footprints in Vietnam and to explore other Southeast Asian markets.

“We are delighted to forge a strategic partnership with Super Energy Corporation through this investment,” said ACEN President and CEO Eric Francia. “SUPER has accomplished a lot in Vietnam, and we wish to support its solar expansion in Vietnam and beyond through our partnership. This will help accelerate ACEN’s aggressive renewables expansion across the region.”

SUPER, through its group companies, owns and operates 837 MW of solar projects in Vietnam.

Post-restructuring, Solar NT will own and operate nine solar power plants across Vietnam with a total capacity of approximately 837 megawatts.

The deal would expand ACEN’s international portfolio to more than 1,900 MW, of which more than 1,000 MW are in Vietnam.

“This transaction reinforces ACEN’s position as a pioneer player in the ASEAN renewable market. ACEN is committed to supporting the energy transition in the region. This helps create more sustainable jobs as we expand our operational portfolio which brings us closer to achieving our goal to become the largest listed renewables platform in Southeast Asia,” said Patrice Clausse, COO of AC Energy International and Director of ACEV.

ACEN’s growth is anchored on partnerships in existing and new geographies and utilizing new technologies to lead the charge towards a sustainable future. Both ACEN and SUPER have a strong commitment towards sustainability and this strategic partnership will drive growth in renewable energy development across Asia.

“For this transaction, SUPER has an objective to form a strategic partnership in order to join forces in joint investment and solar energy power plant business development in ASEAN. The strategic partnership will strengthen SUPER’s capacity for growth through synergies and supports from the strategic partner in many areas, including capital, personnel, technology and networks for additional investment opportunities in the future,” said Jormsup Lochaya, chairman and CEO of SUPER.

Bank of Ayudhya PCL was tapped as the sole financial advisor for SUPER for this transaction.

ACEN is the listed energy platform of the Ayala Group. It has over 3,000 MW of attributable capacity in the Philippines, Vietnam, Indonesia, India, and Australia. The company’s renewable share of capacity is about 80 percent, among the highest in the region.

ACEN’s aspiration is to become the largest listed renewables platform in Southeast Asia, with a goal of reaching 5,000 MW of renewables capacity by 2025.

With a report from Lorenz S. Marasigan