MANILA -Ayala-led ACEN Corp. will pursue a joint venture with a Norwegian investment company to provide solar power to telecommunications towers across the country as it intensifies efforts to provide renewable energy sources.
In a stock exchange disclosure on Tuesday, ACEN, the listed energy platform of the Ayala group, said it would invest in Yoma Micro Power Telecom Power Inc. (YMP) with the Norwegian Investment Fund (Norfund) “for the provision of sustainable and affordable telecom tower solarization solutions in the Philippines.”
YMP, which has offices in the Philippines, Myanmar and Singapore, is a renewable energy firm that provides clean energy options for telecom operators and homeowners.
Norfund, meanwhile, is owned and funded by the Norwegian government, and has so far committed $2.5 billion for various projects in developing countries.
According to ACEN, the terms of the deal, including investment value, are still being finalized and will be disclosed separately “once we sign the definitive agreements.”
The company aims to grow its renewable energy portfolio to 20 gigawatts (GW) by 2030 by accelerating new developments annually.
So far, ACEN has around 4.3 GW of capacity from its facilities in the Philippines, Australia, Vietnam, Indonesia and India, with a renewable share of 98 percent.
ACEN’s expansion to the United States began this year, after it acquired eight wind projects in Texas with a total capacity of 138 megawatts.
It recently announced that it was raising $352 million via debt deals to support its international expansion. This will be raised by ACEN Cayman, the company’s offshore investment holding firm.