Singapore-based private equity firm Armstrong Asset Management and the Mekong Brahmaputra Clean Development Fund have signed an agreement to sell the entire shares in Symbior Elements Pte Ltd, the operator of solar projects in Thailand, to Padaeng Industry Pcl (PDI) for 1.3 billion baht ($39.16 million).
This deal is also the first fund exit for Armstrong Southeast Asia Clean Energy Fund, which has $164 million in commitments to invest in renewable energy and resource efficiency projects in Southeast Asia, according to a statement on Thursday.
PDI informed the Stock Exchange of Thailand that it acquired 100 per cent of Symbior Elements through Ton Sangkasi Pte Ltd, its wholly-owned subsidiary incorporated in Singapore, and the transaction is set to complete within two weeks after the signing date of the share purchase agreement.
The acquisition was fully financed by PDI’s cash generated during the ceasing of its historical zinc operations in Thailand.
PDI said, it expects this acquisition will contribute largely to the company’s growth strategy in clean energy business and minimise the risk of revenue generation over different sustainable businesses.
Symbior Elements currently has operated six solar farms in Thailand with a total capacity of 30 MW. All of its solar projects has signed the power purchase agreements with the Provincial Electricity Authority for 25 years.
It has started COD of the first project in June 2013, four more projects in December 2015 and the latest one in April 2016.
Following this acquisition, PDI will have a total of 50MW solar farms in Asia, including the operational and under-construction plants in Japan.