ACEN Corp., the listed energy platform of the Ayala group, said Thursday it signed an agreement for the purchase of eight operating wind projects in the US with total capacity of 136 megawatts.
ACEN said in a disclosure to the stock exchange its joint-venture company, UPC Power Solutions LLC, signed a purchase and sale agreement with GlidePath Power Solutions LLC for the acquisition of eight wind projects in northern Texas.
The wind projects will generate about 360 gigawatt-hours of wind energy per year, enough to power around 24,000 households and avoid about 127,000 metric tons of carbon dioxide emissions.
The latest milestone marks ACEN’s anticipated entry to the fast-growing US renewables market as it expands its geographic footprint beyond the Asia Pacific region.
“We’ve long set our sights on the US as our next market following our sustained success in the Asia Pacific. We are committed to enact the accelerated green energy transition globally, and these new partnerships ensure that ACEN is well-placed to harness the vast opportunities in the US renewables space,” ACEN International chief executive Patrice Clausse said.
ACEN announced in April last year that subsidiary ACEN USA LLC formed a strategic partnership with Pivot Power Management and UPC Solar & Wind Investments LLC to pursue opportunities to acquire operating wind projects in the US and explore strategies for extending their useful life through preventative maintenance and repowering.
PivotGen is a developer of wind and solar energy projects throughout the United States.
“Our aspiration is for the US to become a priority market for ACEN outside of Philippines over time,” Clausse said earlier.
ACEN said the partners share the same vision of building a sustainable energy future to maximize economic impact while providing environmental benefits for all stakeholders.
“We are excited to announce this acquisition. We look forward to successfully repowering the portfolio so that these projects can continue to deliver clean, renewable power and provide jobs and economic opportunity in local communities,” PivotGen chief executive and co-founder Tim Rosenzweig said.
The sale will be subject to regulatory approvals including the Federal Energy Regulatory Commission, an independent agency that regulates the interstate transmission of electricity, natural gas and oil.
ACEN has about 4,000 MW of attributable capacity from owned facilities in the Philippines, Vietnam, Indonesia, India and Australia, with a 98-percent renewable share.
The company aspires to be the largest listed renewables platform in Southeast Asia, with a goal of reaching 20,000 MW by 2030.
