The company said in a recent statement that it would pay $72.9 million to acquire a controlling share in four solar power projects run by state-owned utility Vietnam Electricity (EVN) in Binh Phuoc Province, 120 km to the north of Ho Chi Minh City.
The Thai firm will acquire between 70-100 percent stakes in Loc Ninh 1, Loc Ninh 2, Loc Ninh 3 and Loc Ninh 4 solar plants with a total capacity of 750 megawatts that are under construction.
The rest of the money, $383.8 million, will be used to complete construction and develop the projects that are expected to become operational in December.
The firm expects a feed-in-tariff (FIT) of $7.09 per kilowatt-hour over 20 years, and a revenue of THB2.16 billion ($66.1 million) annually from the four projects, starting next year.
Super Energy Corporation is entitled to the FIT if the commercial operation of its projects meets the government's deadline, January 1, 2021.
The company invests in waste-to-energy and industrial water services. It has said that it is looking for other renewable energy projects in Asia, including Indonesia and Japan.
Last year, 91 solar farms with a total capacity of 4,550 MW began operations in Vietnam. The surge in output overloaded the national grid, underlining the need for an upgrade to the transmission infrastructure.
So far solar plants with a total capacity of 25,000 MW have been licensed, far exceeding the government’s target of 4,000 MW by 2025.