ACEN completes purchase of Indonesia wind projects

AYALA-LED ACEN Corp. said its unit has completed the acquisition of three late-stage wind projects from Indonesia-based Barito Renewables, Inc.

In a stock exchange disclosure on Wednesday, the listed energy company said ACEN Renewables International Pte. Ltd. through unit ACEN Investments HK Ltd. completed the purchase of shares from UPC Renewables Asia Pacific Holdings Pte. Ltd. for the three wind development assets.

The projects have a combined potential capacity of 320 megawatts (MW) and are in South Sulawesi, Sukabumi, and Lombok provinces in Indonesia.

ACEN acquired the shares at a price that is “less than 10%” of its book value.

On Dec. 15, ACEN HK and Barito Renewables unit PT Barito Wind Energy signed the purchase deal with UPC Renewables.

“Following the signing of the respective share transfer deeds, Barito Wind owns 51% of the three development assets, while ACEN HK owns the remaining 49%,” ACEN said.

In February 2022, ACEN said it had completed the acquisition of UPC Renewables’ shares in ACEN Australia, making it its wholly owned unit.

ACEN Australia is the joint venture holding company of unit ACEN Renewables International and UPC Renewables for ACEN’s energy projects and investments in Australia.

To date, ACEN has about 4,430 MW of attributable capacity spanning the Philippines, Vietnam, Indonesia, India, and Australia.

ACEN’s share price gained 1.16% or 5 centavos to close at P4.35 each. — Sheldeen Joy Talavera