Regulatory Filings • Sep 13, 2024
Regulatory Filings
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Scatec to sell wind plant in Vietnam to SUSI Asia Energy Transition Fund
Oslo, 13 September 2024: Scatec ASA, a leading renewable energy provider, has
signed an agreement to sell the 39-megawatt (MW) Dam Nai Wind farm and the
associated operating company in Vietnam to Sustainable Asia Renewable Assets
("SARA"), a utility-scale renewable energy platform of the SUSI Asia Energy
Transition Fund ("SAETF"). Scatec will receive an upfront consideration of USD
27 million for its 100% equity stake at completion, with potential for
additional earn-out payments of up to USD 13 million that are subject to certain
conditions being fulfilled prior to May 2026.
"We have decided to exit Vietnam after operating the Dam Nai wind farm since the
acquisition of SN Power in 2021. We are satisfied with the agreed price and the
sale is in line with our strategy to optimise our portfolio and focus on markets
where we see further attractive growth opportunities. We are confident that SUSI
will be a strong owner of the wind farm and will continue to contribute to the
renewable energy journey of Vietnam. We would like to thank our local team for
their contributions over the last years, as well as our partners, government
stakeholders and lenders," says Scatec CEO Terje Pilskog.
Total net interest bearing debt related to the Dam Nai Wind farm was
approximately USD 28 million at the end of the second quarter 2024, amounting to
a transaction enterprise value of up to USD 68 million including the contingent
earn-out payment. The wind farm has additionally generated a cash flow to equity
of approximately USD 14 million to Scatec since the acquisition in 2021.
The transaction is expected to close within the first half of 2025, subject to
customary regulatory approvals. At the Scatec Group level, the transaction is
estimated to generate an accounting gain at closing of approximately USD 8
million on a proportionate and consolidated basis, including a fair value
estimate of the contingent consideration. Following the transaction Scatec will
exit all operations in Vietnam resulting in exit costs, including capitalised
development expenses, of approximately USD 4.5 million which will be recognised
in the third quarter 2024 results.
Notes to the editor:
* Dam Nai Wind is located in the Ninh Thuan province in the southern part of
the country and consist of 15 Siemens wind turbine generators with a total
capacity of 39 MW.
* Dam Nai Wind Joint Stock Company became a wholly owned subsidiary of Scatec
when Scatec Solar Netherlands B.V. acquired SN Power Vietnam Renewables B.V
in May 2021.
* Scatec Solar Solutions Vietnam Co., Ltd was initially established in
February 2020 as a wholly owned subsidiary of Scatec through the ownership
of Scatec Solar Netherlands B.V.
For further information, please contact:
For analysts and investors: Andreas Austrell, VP IR, phone:
+47 974 38 686, [email protected]
(mailto:[email protected])For media: Meera Bhatia, SVP External
Affairs & Communications, phone: +47 468 44 959, [email protected]
(mailto:[email protected])
About Scatec
Scatec is a leading renewable energy solutions provider, accelerating access to
reliable and affordable clean energy in emerging markets. As a long-term player,
we develop, build, own, and operate renewable energy plants, with 4.7 GW in
operation and under construction across four continents today. We are committed
to grow our renewable energy capacity, delivered by our passionate employees and
partners who are driven by a common vision of 'Improving our Future'. Scatec is
headquartered in Oslo, Norway and listed on the Oslo Stock Exchange under the
ticker symbol 'SCATC'. To learn more, visit www.scatec.com
(https://scatec.com/) or connect with us on LinkedIn
(https://www.linkedin.com/company/scatec).
This information is considered to be inside information pursuant to the EU
Market Abuse Regulation and is subject to the disclosure requirements pursuant
to Section 5-12 the Norwegian Securities Trading Act.
This stock exchange announcement was published by Kine Aaltvedt, IR Analyst at
Scatec ASA, on 13 September at 06:03 CEST.
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