Thai energy company Banpu Pcl has agreed to acquire the companies holding a 50MW portfolio of two solar parks in Vietnam in a deal worth $26.7 million, according to the company.

The two are the 15MW Chu Ngoc solar park in the Central Highlands province of Gia Lai and the 35MW Nhon Hai photovoltaic (PV) farm in the central province of Ninh Thuan.

Both plants receive feed-in tariffs (FiTs) of $0.0935 per kWh and have in place 20-year power purchase agreements with the Vietnam Electricity (EVN). The smaller one became operational in June 2019, while the bigger has been generating electricity since July 2020.

According to the agreement, the assets will be purchased by BRE Singapore Pte Ltd, a subsidiary of Banpu Next Co Ltd.

The transaction is subject to certain adjustments and customary approvals, and is due to be completed in the second quarter of the year.

The deal comes on the heels of Banpu’s agreement from December last year to buy the 50MW Ha Tinh solar farm in Vietnam’s Ha Tinh province for $23.9 million. The Bangkok-based company then said the acquisition will be finalised in the first quarter of 2022.