Philippines-based ACEN Corporation, an energy firm under the Ayala Group, has an ambitious plan to provide solar power to telecommunications towers in the country through a planned joint venture with the Norfund, a Norwegian Investment Fund for developing countries.
In its stock exchange filing, ACEN informed that its executive committee has approved the proposed joint venture with Norfund and investment into YMP Telecom Power Inc. for the provision of sustainable and affordable telecom tower solarisation solutions in the country.
ACEN said, “The proposed joint venture between the company and Norfund is aimed to fund projects of Yoma Micro Power (YMP) in the Philippines. The business case is for the joint venture to provide solar power to telecom towers owned by telecom companies in the Philippines.”
Yoma Micro Power (YMP), is a Southeast Asia-focused distributed RE firm that supply power to more than 600 telecom towers with reliable and cost effective renewable energy. The investors in YMP include, Myanmar conglomerate Yoma Group, Norfund, IFC, and company Founder Alakesh Chetia.
ACEN claimed that it is working toward reaching 20 GW of renewables capacity by 2030, making it be the largest listed renewables platform in Southeast Asia. “The company expects the geographic mix of its portfolio by 2030 to include eight-GW of clean energy projects in the Philippines, which will remain its core market, five-GW in Australia, three- GW in Indonesia and other markets, as well as two GW each in Vietnam and India,” said the firm.
The firm informed that ACEN has about 4,300 MW of attributable capacity from owned facilities in the country and abroad, accounting 98% of RE share, which is among the highest in the region.