ACEN in RE deal with another Indonesian firm
MANILA -Ayala-led ACEN Corp. has partnered with another Indonesian renewable energy firm to boost its global portfolio as it races to reach its 2030 expansion goal.
In a stock exchange disclosure on Tuesday, ACEN said its subsidiary, ACEN Indonesia Investment Holdings Pte Ltd., signed a shareholders’ agreement with PT Dewata Megaenergi last week to establish a joint venture platform for renewable energy development.
The two companies will form PT Dewata ACEN Renewables Indonesia to “explore potential renewable energy projects” within the neighboring Southeast Asian country.
While the total cost has yet to be determined as the project was still in the “exploratory stage,” ACEN told reporters that their focus would be developing wind, solar and battery storage facilities.
ACEN, the listed energy platform of the Ayala group, is working to raise its current 4.4-gigawatt (GW) renewable energy portfolio to 20 GW by the end of the decade, specifically through global expansion while maintaining its local market.
It currently owns businesses in the Philippines, Indonesia, Vietnam, Australia and India. A total of 2.7 GW of capacity comes from its international businesses.
Last month, ACEN also partnered with Singapore-based Silverwolf Capital Ltd. to pursue a joint venture project in Taiwan, with ACEN Renewables International Pte. Ltd. set to invest around $2 million as working capital.
A partnership was also signed with Indonesia’s PT Trisurya Mitra Bersama to create PT Puri Prakarsa Batam, which is slated to become a large solar, battery storage and green hydrogen developer.
