Norway-headquartered renewable energy firm Scatec has completed the sale of its 100% stake in the 39 MW Dam Nai wind farm in Vietnam for potentially $40 million.

In a Thursday statement, Scatec said it has received the initial payment of $27 million, with possible additional earn-out payments of up to $13 million. The additional payments are subject to certain conditions being fulfilled by May 2026, Scatec added.

Dam Nai wind farm in Ninh Thuan province, south-central Vietnam. Photo courtesy of Scatec.

Following the transaction, Scatec will exit all operations in Vietnam.

In September 2024, Switzerland-based energy transition investor Susi Partners, on behalf of the SUSI Asia Energy Transition Fund (SAETF), said it acquired the 39 MW Dam Nai wind farm in Vietnam’s central province of Ninh Thuan.

SAETF will also take over Scatec’s Vietnam-based operating company to facilitate further expansion in Vietnam, Susi Partners added.

Dam Nai wind farm is the first wind power project in Ninh Thuan province, with an investment of $80 million. It features 15 wind turbines provided by Siemens Gamesa, generating 120 million kWh of electricity annually.