1. Project Overview

• Project Name: Dam Nai Wind Farm

• Location: Ninh Thuan Province, Vietnam

• Capacity: 39 MW

• Number of Turbines: 15 Siemens Gamesa turbines

• Annual Energy Output: 120 million kWh

• Initial Investment: USD 80 million

2. Transaction Details

• Seller: Scatec ASA (Norway)

• Buyer: SUSI Asia Energy Transition Fund (SAETF), managed by SUSI Partners

• Transaction Value: Up to USD 40 million

  • Initial Payment: USD 27 million

  • Earn-out: Up to USD 13 million (subject to conditions until May 2026)

• Associated Debt: USD 28 million

• Enterprise Value (EV): Up to USD 68 million

• Transaction Completion: February 2025

3. Strategic Importance

• Platform Development: Dam Nai becomes a cornerstone asset of the Sustainable Asia Renewable Assets (SARA) platform under SAETF

• Market Expansion: Forms the foundation for scaling renewable energy development and operations across Southeast Asia

• Vietnam Market Access: Key step into Vietnam’s liberalizing and high-growth renewable energy market

4. Additional Insights

• SAETF Portfolio: Seven projects across Vietnam, the Philippines, Thailand, and Cambodia, focusing on both utility-scale and distributed renewable energy solutions for industrial and commercial users

• Scatec Returns: Approx. USD 14 million in shareholder distributions since acquisition in 2021

• Scatec Exit Cost: Approx. USD 4.5 million