August 26 (Renewables Now) - Philippine power company Aboitiz Power Corp (PSE:AP) said Friday it had made arrangements to purchase the 39.4-MW Dam Nai Wind onshore wind farm in Vietnam in a move to expand to foreign markets.
The company’s wholly-owned unit AboitizPower International signed a share purchase agreement to acquire 100% of Mekong Wind Pte Ltd, a company with a 99.9999934% direct interest in the wind farm’s owner and operator, Dam Nai Wind Power JSC.
Armstrong Southeast Asia Clean Energy Fund Pte Ltd has agreed to sell Mekong Wind for a total consideration of around USD 46 million (EUR 41.4m). The acquisition is expected to close in the fourth quarter of 2019, AboitizPower said.
The Dam Nai Wind park, located in the Ninh Thuan province in Southern Vietnam, started commercial operations in late 2017, per the company’s press release.
(USD 1.0 = EUR 0.899)