MANILA — A subsidiary of ACEN Corp., led by Ayala, has partnered with a Singapore-based company to develop solar projects in Taiwan as it expands its international presence to meet its goal of expanding renewable energy.
In a stock market statement released Friday, 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 Ayala Group’s listed energy platform, ACRI will invest around $2 million in working capital for the project. ACEN will hold a 50 percent stake.
The company currently has 4.4 gigawatts (GW) of capacity in its renewable energy portfolio, of which 2.7 GW comes from its international operations in Vietnam, Indonesia, India and Australia.
The company aims to increase this power to 20 GW by 2030.
On Thursday, ACEN announced that it has also signed an agreement with Indonesian company PT Trisurya Mitra Bersama to establish PT Puri Prakarsa Batam, which is expected to become a large-scale solar battery energy storage system and green hydrogen developer. .
The joint venture will cover the islands of Batam, Bintan and Karimun, as well as the province of East Nusa Tenggara.
ACEN secured a 10 billion peso loan last month to fund its aggressive clean energy expansion plans.
In its statement, the company said it was part of a larger 32 billion peso fundraising plan first announced in March.
ACEN said it wants to grow its renewable energy portfolio to 20 gigawatts by 2030, from 4.4 GW currently. INQ
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