ACEN in $165-M deal for Vietnamese solar firm

STOCK PHOTO: Solar farm

MANILA -Ayala-led renewable energy firm ACEN Corp. is further expanding its footprint in neighboring Southeast Asian countries after acquiring the shares of an overseas solar power company.

In a stock exchange disclosure on Tuesday, ACEN, the listed energy platform of the Ayala group, said it had completed the first phase of its acquisition of Super Energy Corp. Plc, which operates 837 megawatts (MW) of solar projects in Vietnam.

The three remaining phases are expected to be completed within the year, with a total transaction value of $165 million.

“The partnership with Super marks the beginning of a long-term collaboration as we will continue to look for new opportunities to grow our portfolio and jointly develop renewable energy projects across Asean,” said Patrice Clausse, ACEN International chief executive officer.

ACEN, through its subsidiary ACEN Vietnam Investments Pte. Ltd., is set to take 49 percent ownership of Super’s Solar NT.

Super first announced in 2022 that it had sold its 49-percent share in Solar NT in a bid to form “strategic partnerships” in the development of clean energy projects.

“This synergy will enhance Super’s growth potential and strengthen the renewable energy business structure, which will support our strategic partnership in many areas, including capital, personnel, technology and networks for additional investment opportunities in the future,” Super chair and CEO Jormsup Lochaya said.

The transaction will expand ACEN’s portfolio in Vietnam and Laos to approximately 1,200 MW in attributable renewables capacity.

ACEN is also set to extend its business to the United States, following its acquisition of eight wind projects in Texas with a total capacity of 138 MW.

The company currently has around 4,300 MW of capacity from owned facilities in the Philippines, Australia, Vietnam, Indonesia and India, with a renewable share of 98 percent.

Earlier this year, ACEN president and CEO John Eric Francia said they would earmark P70 billion in capital expenditures this year to accelerate the development of their renewable energy projects.