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Thailand-based Super Energy Corporation’s (BKK:SUPER) board of directors has given its nod to a plan entailing investment in 750 MW of solar projects in Vietnam.

The value of the proposed investment will not exceed USD 456.7 million (EUR 414.2m), the energy group said in a bourse filing last week. Under the plan, the energy group will pay USD 72.9 million to get majority stakes in four photovoltaic (PV) assets that are under construction in the southern province of Binh Phoc. The balance amount of USD 383.8 million will be allocated to complete the power plants’ construction.

Following the transaction, Super Energy Corporation, through its subsidiary Super Solar Thailand Co, will own between 70% and 700% in the Loc Ninh 1, 2 and 4 projects, each of 200 MW, and the 150-MW Loc Ninh 3. All of them are scheduled for completion by December 30, 2020, and will get a USD-7.09/kWh feed-in-tariff (FIT) for 20 years, according to a preliminary estimate. It will be distributed under a power purchase agreement with state-owned utility Vietnam Electricity (EVN) from June 2019.

Super Energy Corporation has two main business units — IT and production and distribution of renewables electricity. The company is active in the solar, wind and waste-to-energy sectors.

(USD 1.0 = EUR 0.907)