SINGAPORE (Apr 2): Charisma Energy says that its subsidiary Green Power SA is acquiring Saems Capital II BV and Blue Maven Asia Energy for a consideration of $2.46 million from vendor History Maker.

The group will be paying the consideration by way of the issue and allotment of about 490.3 million shares at 0.5 cent each, which will be issued and allotted to History Maker.

Saems Capital II BV and Blue Maven Asia Energy currently holds a total of 12 power purchase agreements to operate 12 mini hydropower plants (MHPP) in South Asia, which key assets are owned by the group.

The two companies also hold a power purchase agreement (PPA) for a one megawatt MHPP which is currently under construction and is expected to achieve commercial operation in Oct 2018.

Upon completion of the acquisition, the group will own the PPAs and take over as operator of the MHPP.

This acquisition will help strengthen the group’s ability to operate the MHPP; increase its portfolio from 42MW to 43MW with a new 13th plant; enable it to be an active player in South Asia’s renewable energy sector; raise its profile in South Asia’s renewable energy sector; and leverage on existing management and resources to explore new growth opportunities.

Shares in Charisma Energy closed at 0.4 cent on Thursday.