ACEN to acquire another asset in the US
MANILA, Philippines — ACEN Corp., the Ayala Group’s listed energy platform, is adding yet another renewable energy asset to its portfolio by investing in a wind energy project in the United States.
Subsidiary ACEN International Inc.’s board approved the acquisition of and investment in a 165.6-megawatt facility in Shackelford County in Texas, the parent firm said in a disclosure on Monday.
The parent firm did not provide other details about the deal, such as the amount to be invested and the timeline for sealing the deal.
ACEN only said purchasing the wind project dubbed the Hackberry is still subject to the finalization of commercial terms, the satisfaction of agreed conditions precedent, and the execution of definitive documentation.
The transaction will be done through affiliate UPC Power Solutions—the US joint venture company of ACEN USA, PivotGen, and UPC Wind and Solar Investments.
READ: Ayala, partners thicken renewable energy portfolio in the US
The three firms formed a strategic partnership in 2022 to pursue opportunities to acquire wind projects in the United States that are already operational and explore strategies for extending their useful life through preventative maintenance and re-powering.
The joint venture is aimed at upgrading and replacing key components on target projects with the goal of extending project life and optimizing power generation.
Target: 20,000 MW of RE capacity by 2030
Last January year, ACEN announced that UPC Power Solutions completed its acquisition of a 38-MW wind facility located near Altoona in Pennsylvania.
The partnership entered into an agreement with EDF Renewables North America involving the purchase of the lessee interests in the Chestnut Flats wind project.
For this project, EDF Renewables would still provide asset management and operations and maintenance services.
READ: ACEN acquires 8 wind projects in Texas
ACEN has 4,800 megawatts in attributable renewable energy capacity as of March 31 coming from facilities spread across the Philippines, Australia, Vietnam, Indonesia, and India.
This portfolio includes more than 1,000 MW of capacity gained through signed agreements and competitive tenders that were won.
Thus, ACEN said last May 8 that it has “effectively” surpassed its goal of hitting 5,000 MW of renewable capacity by 2025 almost two years ahead of schedule. Of such a portfolio, 65 percent is now fully operational.
ACEN aspires to become the largest listed renewables platform in Southeast Asia and reach 20,000 MW of renewable energy capacity by 2030.
