ACEN Renewables International Pte. Ltd. (ACRI), the energy firm under the Philippines Ayala group, has partnered with a Singapore-based company to develop solar projects in Taiwan to expand internationally and reach its renewable energy expansion target.
In a stock filing recently, ACEN said its renewable energy unit, ACEN Renewables International Pte. Ltd. (ACRI), had signed a shareholders’ agreement with Silverwolf Capital Ltd. for the project through a joint venture platform called ACEN-Silverwolf Pte. Ltd.
According to ACEN, the listed energy platform of the Ayala group, ACRI will invest around $2 million as working capital for the project. ACEN will have a 50-percent ownership stake.
As per the firm, the company currently has 4.4 gigawatts (GW) of capacity in its renewable energy portfolio, with 2.7 GW coming from its international businesses in Vietnam, Indonesia, India and Australia. The company aims to increase this to 20 GW by 2030.
ACEN announced recently that it had also signed an agreement with Indonesia-based PT Trisurya Mitra Bersama to create PT Puri Prakarsa Batam, which is scheduled to become a large-scale solar, battery energy storage system and green hydrogen developer.
The joint venture will cover the Batam, Bintan and Karimun islands and East Nusa Tenggara province, said the firm.
ACEN secured a P10-billion loan last month to fund its aggressive clean energy expansion plans. It further informed in its filing that this was part of a larger P32-billion fundraising plan that was first announced in March.
ACEN revealed that its target is to boost its renewable energy portfolio to 20 gigawatts by 2030 from the current 4.4 GW.