Ayala, partners thicken renewable energy portfolio in the US
MANILA, Philippines —Ayala-led ACEN Corp., through a joint venture, has acquired another wind asset in the United States amid a push to further expand its renewable energy footprint globally.
In a stock exchange filing on Wednesday, ACEN said UPC Power Solutions—a joint venture with UPC Solar and Wind Investments, and US-based PivotGen—completed its purchase agreement with EDF Renewables North America for the 38-megawatt (MW) Chestnut Flats wind project near Altoona, Pennsylvania.
EDF Renewables is an affiliate of the France-based global EDF Group, and is involved in developing and operating clean energy facilities.
ACEN did not disclose the total investment cost involved in the acquisition.
“The addition of this high-quality renewable asset will support our long-term strategy to build a diversified fleet of operating wind projects,” said Tim Rosenzweig, UPC Power Solutions chief executive. “Our investment in Chestnut Flats will create economic opportunity and maintain jobs in the local community,” Rosenzweig said.
READ: ACEN acquires 8 wind projects in Texas
Established in April 2022, UPC Power Solutions acquires operating wind projects in the US in order to enhance the facilities’ performance through “preventative maintenance and new investment,” according to ACEN.
Global assets
The joint venture currently has 170 MW of renewable capacity across the US, and 593 MW of jointly owned assets in Indonesia, India and Vietnam.
ACEN, the listed energy platform of the Ayala group, currently has at least 4,400 MW of renewable energy capacity across its portfolio through assets in the Philippines, Australia, Vietnam, India and Indonesia.
Last year, another ACEN joint venture—UPC Power Solutions LLC—inked a purchase and sale agreement with US-based GlidePath Power Solutions LLC to purchase wind assets with an aggregate capacity of 136 MW. —Meg J. Adonis
