The news follows an announcement made on September 2024 regarding the sale of Scatec ASA's 100 per cent stake in the 39MW Dam Nai wind farm and its associated operating company in Vietnam to Sustainable Asia Renewable Assets, a utility-scale renewable energy platform under the SUSI Asia Energy Transition Fund (SAETF).

The transaction has now been completed, and Scatec has received an initial payment of $27 million, with potential for additional payments of up to $13 million that are subject to certain conditions being fulfilled prior to May 2026.

For Scatec Group, the transaction generated an accounting gain of approximately $8 million on a proportionate and consolidated basis, including a fair value estimate of the contingency consideration, which will be recognised in the first quarter of 2025. Following the transaction, Scatec will exit all operations in Vietnam.

The Dam Nai wind farm will become a cornerstone asset of SAETF's utility-scale energy platform Sustainable Asia Renewable Assets (SARA). Together with the associated operating company, it will provide an anchor for the development, construction, and operation of further utility-scale renewable energy projects in nearby regions.

SARA will consolidate ownership of SAETF's grid-scale renewable energy projects across the emerging markets of Southeast Asia. As the first operating project of the platform, Dam Nai adds crucial scale to the platform and provides access to a growing and increasingly liberalised Vietnamese utility-scale renewables market.