Singapore, February 2025 - Scatec ASA, the southeast Asian arm of Norway-based, global renewable developer Scatec, completed the sale of its 100 percent stake in the 39.5-megawatt (MW) Dam Nai wind farm and the associated operating company in Vietnam to Sustainable Asia Renewable Assets, a utility-scale renewable energy platform of the SUSI Asia Energy Transition Fund.

The Dam Nai wind project is located in the Ninh Tuan province and consists of 15 Siemens wind turbine generators with a total capacity of 39.5 MW. Dam Nai Wind is one of the very first wind energy projects developed and built in Vietnam in accordance with best international ESG and technical standards.

Astris Finance was selected by Scatec as exclusive sell-side adviser in August 2023. Back in 2018, Astris Finance had advised the original developers and sponsors of the Dam Nai Wind Joint Stock Company, arranging a first-of-its-kind, 17-year, non-recourse debt financing from Vietnamese banks, a first-of-a-kind for a Vietnamese project with an EVN PPA.

Hugo Virag, Managing Director and co-head of Astris Asia Pacific, said: “The Dam Nai wind project is a landmark asset in the Vietnamese renewable market which Astris has been very active since 2018 when we arranged Dam Nai's greenfield debt financing. We are very pleased with the outcome of this 12-month sale process from the launch of the binding offer phase, a short timeframe for an M&A transaction in a challenging environment for operating renewable assets in Vietnam. We are thankful for Scatec’s trust on this deal, and we wish the Dam Nai wind project, its new owner - the renewable energy platform of SUSI Asia Energy Transition Fund - and its operating team a long and happy life!”