(Last Updated On: October 20, 2021)
The disclosure states that ACEN’s aspiration is to be the largest listed renewables platform in Southeast Asia, with a goal of reaching 5,000 MW of renewables capacity by 2025.
AC Energy Corporation (PSE: ACEN) is the listed energy platform of the Ayala Group. The company has ~2,600 MW of attributable capacity in the Philippines, Vietnam, Indonesia, India and Australia. The company’s renewable share of capacity is at 80%, among the highest in the region.
The investments transform the UPC/AC Renewables Australia joint venture into ACEN’s Company who is first wholly owned growth and operating platform outside of the PH (Philippines). The agreement includes over 520 MW New England Solar Farm that current under in construction. The plan has over 8,000 MW of renewables pipelines across solar, wind, pump, hydro and energy storage technologies in Australia.
AC Energy Corporation (PSE: ACEN), Ayala group’s have listed the energy platform on October 18, 2021, the recent day has discussed the Board’s approval to require the further 51.6% stake in UPC/AC Renewables in Australia connected to venture. The transaction will raise ACEN’s ownership into 100%
ACEN Holding Company, Renewables International Pte Ltd, will going to acquire the interest of its connection with venture partner UPC Renewables Asia Pacific Holdings and also Mr. Anton Rohner “The seller” in UP/AC Renewables Australia for a total consideration of US$243.3 Million, subject to adjustments. The Seller will raise the subscribers up to 942 million shares of ACEN with a value of P11.32 per share.
Eric Francia, ACEN President and CEO stated that,
“This transaction marks a strategic pivot for ACEN, as the company embarks on its first wholly owned development and operations platform outside of the Philippines, we are excited to scale up investment in our Australia platform, as we expect the country to accelerate its energy transition.”
Brian Caffyn, CEO and Founder of UPC Renewables added that,
“The strong partnership with ACEN has flourished over the years. We welcome the opportunity to integrate the UPC Australia platform in ACEN’s growing renewable portfolio in the region,” The joint initiatives we have established in the renewable energy sector is a testament to what the teams can bring together and take ACEN to the next stage of growth,”
UPC Renewables was one of our early partners when ACEN was starting in the power sector,” said Patrice Clausse, Chief Operating Officer of AC Energy International. “We are delighted to be able to fully integrate the Australia platform into ACEN, including the platform’s excellent development and highly capable team, as we continue to grow the company’s footprint in Australia,”