BANGKOK, Thailand –ConstantEnergy is pleased to announce the acquisition of 17.5 MW of operating ground mounted solar photovoltaic assets, together with a team of skilled developers and operators and pipeline of development, in Thailand from Sonnedix.
This is the second acquisition for ConstantEnergy in Thailand this year, after the acquisition of the Solareo Asia rooftop portfolio earlier this year and brings additional scale to ConstantEnergy business in the country.
“The acquisition of these assets is an excellent fit with our strategy, brings scale to our operation in Thailand and reinforces our commitment to a long-term presence in the country. This is a well-known and low risk portfolio for us, which will add 8 million USD/year recurring EBITDA to Constant Energy globally, which is significant as the company develops. I’m very pleased that we’ve been able to complete the transaction in such a short period of time.” said Franck Constant, Constant Energy President, “furthermore we are delighted to welcome this strong local team into our group to pursue our long term local relationships and step up our operational platform in Asia. This is the region in the world that is expected to deploy the highest amount of new megawatts of solar power over the next 5 years. This transaction will reinforce our Asian presence and bring synergies to our global development and asset management team”.
Thailand is by far South East Asia most developed PV market with over 3GW of photovoltaic power plants in operation and has traditionally relied on an open, vibrant IPP sector and long term PPAs to provide reliable and competitive power to its economy.
Sonnedix was advised by Paul Hastings (transaction legal) and Chandler & Thong-ek Law Offices (Thai legal). ConstantEnergy was advised by Hunton & Williams LLP (legal).
Constant Energy is a renewable electricity generation and storage investment platform which invests and manages high-quality power assets in selected countries. Constant Energy’s team is specialised and experienced. We personally manage our international assets with a long-term outlook. We firmly believe that only local and active asset management can achieve the targeted return on a long-term basis. For further information, about Constant Energy, pls visit www.constantenergy.net
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Sonnedix Power Holdings Limited (together with its subsidiaries, “Sonnedix”), is an Independent Solar Power Producer (IPP) with a proven track record in delivering high performance cost competitive solar photovoltaic plants to the market. Sonnedix develops, builds, owns and operates solar power plants globally. For more information about Sonnedix, please visit www.sonnedix.com
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