Herbert Smith Freehills advises Asia clean energy fund on sale of Vietnam wind farm

Leading global law firm Herbert Smith Freehills has advised Armstrong South East Asia Clean Energy Fund on the conditional sale of a Vietnamese wind farm to Norway’s SN Power AS.

Upon completion, SN Power will acquire an effective 100% interest in the shares in the 39.4mw wind farm owned by Dam Nai Wind Power Joint Stock Company in Vietnam from Mekong Wind Pte Ltd, which is fully owned by the Armstrong fund.

Singapore-based Armstrong Asset Management is an independent clean energy asset manager, committed to investing into clean energy infrastructure across Asia Pacific. It has developed, constructed and operated over 470mw of Asian renewable energy assets over the past eight years.

“The deal shows the ongoing activity in renewables assets in Asia, and also the strong restart of deal making as the pandemic comes more fully under control in Southeast Asia,” said Asia energy and infrastructure partner Glynn Cooper.

"The outlook for renewables in Southeast Asia is very positive right now, and we're seeing strong demand from institutional investors for developed renewable assets in the region," said senior associate Will Stroll, who led the deal team together with Glynn and associate Smriti Bahety.

"Combined with the global and regional shift towards decarbonisation, demand is also growing from sectors that have historically been slower to invest in renewables and sustainable technologies."

Dam Nai Wind is located in Vietnam’s renewables hub in Ninh Thuan province, and has been fully operational since 2018.

As many of our clients embark on ambitious decarbonisation journeys, we have developed a comprehensive model which should serve as a basis to a successful approach, both in terms of financial viability and achieving emission reduction targets. This model was developed by our experts alongside clients and in close collaboration with GaffneyCline, industry leaders on the topic of carbon management. Read more…