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November 5 (Renewables Now) - Norwegian hydropower company SN Power AS has signed a binding agreement to fully acquire a Vietnam-based owner of the 39.4-MW Dam Nai wind farm.
SN Power, owned by the Norwegian government’s investment fund for developing countries Norfund, is itself subject of a binding agreement to be acquired by renewables developer Scatec Solar ASA (OSL:SSO).
Scatec Solar said Thursday that it supports SN Power’s investment in the wind farm.
SN Power agreed to acquire all shares in the Dam Nai Wind Power Joint Stock Company from Mekong Wind Pte Ltd, which is wholly-owned by Singapore-based Armstrong South East Asia Clean Energy Fund.
The Dam Nai wind farm is situated in Vietnam’s Ninh Thuan province, some 350 kilometres (217.5 miles) north of Ho Chi Minh City. It was commissioned in two phases, with phase II reaching commercial operation in December 2018, Scatec Solar said.
The wind farm generates 123 GWh of power per year on average and can collect annual revenues of USD 10.5 million (EUR 8.89m) under the Vietnamese 20-year feed-in-tariff for wind.
SN Power expects to close the Dam Nai Wind acquisition in the first quarter of 2021.
In mid-October, Scatec Solar signed an agreement with Norfund to acquire SN Power for USD 1.166 billion. The then defined transaction scope and purchase price did not account for the Dam Nai Wind deal, which will be included now.
The acquisition of SN Power is subject to customary approvals and will likely be finalised in the first half of 2021.
(USD 1.0 = EUR 0.847)