MANILA -Ayala-led ACEN Corp. has partnered with an Indonesia-based power firm for the development of large-scale renewable energy projects in the Southeast Asian country in a bid to expand its international footprint.
In a stock exchange disclosure on Thursday, ACEN, the listed energy platform of the Ayala group, said its investment and shareholders’ agreements with PT Trisurya Mitra Bersama would create PT Puri Prakarsa Batam, which is slated to become a large-scale solar, battery energy storage system and green hydrogen developer.
ACEN signed the agreement on Wednesday, Aug. 30, through its subsidiary, ACEN Indonesia Investment Holdings Pte. Ltd.
The company announced the partnership in May last year, saying that the joint venture would cover the Batam, Bintan and Karimun islands, as well as East Nusa Tenggara province.
PT Trisurya Mitra Bersama is a member of the Puri Usaha Group, which has been developing most of its projects in the target locations.
The companies aim to develop renewable energy technologies in Indonesia and export the power generated to Singapore through a subsea cable.
ACEN currently has 4.4 gigawatts (GW) of capacity in its renewable energy portfolio, with 2.7 GW coming from its businesses in Vietnam, Indonesia, India and Australia.
The company last month secured a P10-billion loan to fund its aggressive clean energy expansion plans across the Asia-Pacific as it seeks to increase its renewable portfolio to 20 GW by 2030.
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