Ashurst advised ACEN on the acquisition of Super Energy’s Vietnam solar

Global law firm Ashurst represented ACEN Corporation (ACEN), acting through its subsidiaries, ACEN Renewables International Pte. Ltd. and ACEN Vietnam Investments Pte., on the entering into a shareholders’ agreement and other definitive agreements relating to the closing of the acquisition of 49% of Super Energy Corporation Public Company Limited’s (SUPER) solar power business in Vietnam. This strategic partnership follows the share purchase agreement signed by ACEN and SUPER in 2022, pursuant to a competitive bidding exercise in 2022 which the firm also advised ACEN on.

SUPER currently owns and operates 837 MW of solar projects in Vietnam through Solar NT; ACEN will take up 49% ownership of Solar NT through a phased acquisition. Closing of the first phase of the transaction was completed in June 2023, while the remaining phases are expected to be completed within the year, with a total consideration estimated at US$165 million.

Through the strategic partnership, the combined strengths and extensive experience in renewable energy development will unlock new opportunities to grow the partnership’s portfolio, create jobs and accelerate energy transition.

This total strategic investment will bring ACEN's Vietnam-Lao PDR portfolio to approximately 1,200 MW in attributable renewables capacity, further solidifying its position as a leading renewable energy player in Southeast Asia.

The transaction was led by partner Michelle Phang, with the support from partner Alfred Ng and counsel Lisa Hui.