Richmond Mercurio – The Philippine Star
September 2, 2023 12:00am
MANILA, Philippines — ACEN Corp., the listed energy platform of the Ayala Group, is expanding its presence abroad as the company announces plans to invest in Taiwan’s renewable energy space.
ACEN, through subsidiary ACEN Renewables International Pte. Ltd. (ACRI), entered into a shareholders’ agreement with Silverwolf Capital Ltd. to jointly develop and build greenfield solar energy projects in Taiwan.
As part of the agreement, ACEN and Silverwolf Capital will establish a joint venture platform called ACEN-Silverwolf Pte. Ltd., which will be based in Singapore.
ACEN will have 50 percent ownership stake in the joint venture through ACRI.
Aside from the initial capitalization, ACEN said ACRI has made available to the joint venture a working capital facility of up to $2 million.
Silverwolf Capital is a company that provides specialized advice for renewables and infra-tech.
It is supporting and accelerating clean energy transition with expected $16 trillion investments up to 2030.
ACEN is ramping up its renewable energy capacity through the company’s aggressive expansion.
The company has about 4,400 megawatts of attributable capacity from owned facilities in the Philippines, Australia, Vietnam, Indonesia and India, with a renewable share of 98 percent.
It aims to be the largest listed renewables platform in Southeast Asia, with a goal of reaching 20 gigawatts (GW) of renewables capacity by 2030.
ACEN 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.
It is also committed to transition the company’s generation portfolio to 100 percent renewable energy by 2025, and become a net zero greenhouse gas emissions company by 2050.
