28 February 2019
Thai-listed energy firm Super Energy Corporation (SUPER), previously known as Superblock, has inked an agreement to purchase two wind power plants in Vietnam for 577 million baht ($18.31 million).
The two projects – HBRE PHU YEN and HBRE GIA LAI – have a combined capacity of 250 MW. SUPER will make the transaction via two subsidiaries Super Wind Energy and Super Energy Group, according to the company’s disclosure to the Stock Exchange of Thailand on Thursday.
“Vietnam has high potential for renewable energy development thanks to its government’s support including tax incentives and benefits of access to source of fund,” said SUPER chairman Jormsup Lochaya. “We expect that both projects will help enhance our competitiveness and strengthen our revenue generation in the long run.”
The company said, it will use working capital to fund both acquisitions. Currently, both projects are in the process of securing licences from Vietnamese state agencies.
Earlier, SUPER had invested in solar power plants in Vietnam with a total capacity of 236.72 MW. It plans to commence the operation of a solar farm in June and is targeting to clock revenues in the second half of this year.
He added that it plans to increase overseas investments over the next two years. Apart from Vietnam, the company is looking to invest in China, Japan and Southeast Asia countries.
It recorded total revenue of 5.73 billion baht ($181.85 million) in 2018, up 3.93 per cent from the previous year.