ABOITIZ Power Corp. said subsidiary, AboitizPower International Pte. Ltd. has put on hold the planned acquisition of Mekong Wind Pte. Ltd. from Armstrong Southeast Asia Clean Energy Fund Pte. Ltd. (AAM) “ as one of the precedent conditions were not met by parties in the agreed timeline.”
There were no details given.
AboitizPower said the termination of the transaction has no impact on the company’s operations and financial performance.
The transaction would have involved $46 million (P2.4 billion) set to completed by the fourth quarter of the year.
The deal gives AboitizPower legal and economic interest in Mekong Wind, which in turn holds a 99.9999934 percent direct interest in Dam Nai Wind Power JSC which owns and operates the 39.4 megawatts (MW) onshore wind power facility in Ninh Thuan province, southern Vietnam.
