STOCK PHOTO: Solar farm
ACEN Corp., a renewable energy firm owned by Ayala, has expanded its presence in Southeast Asian countries by acquiring shares of an overseas solar power company. According to a stock exchange disclosure, ACEN has completed the first phase of the acquisition of Super Energy Corp. Plc, which operates 837 megawatts (MW) of solar projects in Vietnam. The remaining phases are expected to be completed within the year, with a total transaction value of $165 million.
ACEN’s CEO, Patrice Clausse, stated that the partnership with Super is the beginning of a long-term collaboration and they will continue to seek new opportunities to expand their portfolio and develop renewable energy projects across ASEAN. Through its subsidiary ACEN Vietnam Investments Pte. Ltd., ACEN will own 49% of Super’s Solar NT.
Super had previously sold its 49% share in Solar NT in order to establish strategic partnerships in the clean energy sector. The transaction will increase ACEN’s renewables capacity in Vietnam and Laos to approximately 1,200 MW.
ACEN is also entering the US market through the acquisition of eight wind projects in Texas, with a total capacity of 138 MW. The company currently owns facilities in the Philippines, Australia, Vietnam, Indonesia, and India, with a renewable share of 98%, totaling around 4,300 MW of capacity.
Earlier this year, ACEN announced a capital expenditure of P70 billion to accelerate the development of their renewable energy projects.
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Omprakash Tiwary is a business writer who delves into the intricacies of the corporate world. With a focus on finance and economic landscape. He offers readers valuable insights into market trends, entrepreneurship, and economic developments.
Denial of responsibility! Samachar Central is an automatic aggregator of Global media. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, and all materials to their authors. For any complaint, please reach us at – [email protected]. We will take necessary action within 24 hours.
