ACEN Corp. has secured regulatory approval for its acquisition of eight operating wind projects in the US.
Photo Insert: An ACEN wind farm in Ilocos.
The listed energy platform of the Ayala group told the Philippine Stock Exchange that the US Federal Energy Regulatory Commission (FERC) has authorized its acquisition of wind assets with a total capacity of 136 megawatts (MW) from US-based GlidePath Power Solutions LLC.
The acquisition will be done through ACEN’s joint-venture company, UPC Power Solutions LLC.
“With the FERC approval, UPC Power and GlidePath will proceed to complete the acquisition pursuant to their purchase and sale agreement,” ACEN said.
ACEN has its sights on the US as the company’s next market following its sustained success in Asia-Pacific.
The company first announced that it was targeting the US renewable energy market in April last year after its subsidiary ACEN USA LLC formed a strategic partnership with Pivot Power Management and UPC Solar & Wind Investments LLC.
Last March, UPC Power Solutions signed a purchase and sale agreement with GlidePath to acquire a portfolio of eight operating wind projects located in northern Texas, subject to regulatory approvals, including that of the FERC.
ACEN currently has about 4,200 MW of attributable capacity from owned facilities in the Philippines, Australia, Vietnam, Indonesia, and India, with a renewable share of 98 percent, which is among the highest in the region.
It aims to be the largest listed renewables platform in Southeast Asia, to reach 20 gigawatts (GW) of renewables capacity by 2030.
ACEN is also looking to hit its five GW of renewable energy capacity target by 2025 earlier amid its aggressive expansion. The company has earmarked P50 billion to P70 billion in capital expenditures this year to continue growing its renewable energy portfolio.