Scatec exits Vietnam with sale of 39-MW wind plant

The transaction will close within the first half of 2025.

Norwegian power producer Scatec ASA is set to exit the Vietnamese market after agreeing to sell its 39-megawatt (MW) Dam Nai Wind farm and the associated operating company in the country to Sustainable Asia Renewable Assets, a utility-scale renewable energy platform of the SUSI Asia Energy Transition Fund. 

In a statement, Scatec said it will receive an upfront consideration of $27m for its 100% equity stake at completion, with potential for additional earn-out payments of up to $13m 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,” said Scatec CEO Terje Pilskog.

Dam Nai Wind farm’s net debt was around $28m at the end of the second quarter 2024, totaling a transaction value of around $68m. It has generated around $14m in cash for Scatec since its acquisition in 2021.

The deal is expected to close in early 2025, pending approvals. 

Scatec estimates exit costs, including capitalised development expenses, of approximately $4.5m which will be recognised in the third quarter 2024 results.