Armstrong, Mekong Brahmaputra funds exit solar projects in Thailand

Solar Farm

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.

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.