26 April 2022 – ACEN, the Ayala group’s listed energy platform, announced the board approval on the company’s plans to enter the United States renewable energy market through a newly formed strategic partnership with UPC Solar & Wind Investments LLC (UPC) and Pivot Power Management (PPM) to pursue opportunities to acquire operating wind projects in the US and explore strategies for extending their useful life through preventative maintenance and repowering. The transaction is subject to usual and customary conditions precedent to closing.
Patrice Clausse, President and COO of ACEN International said, “Our aspiration is for the US to become a priority market for ACEN outside of Philippines over time. This partnership will provide an exciting entry to the fast-growing US market, and we look forward to leveraging the combined expertise of ACEN and our new partners to make this a strong growth platform in the coming years.”
The new partnership will target the acquisition of operating wind projects across various geographies in the US. It will seek to upgrade and replace key components on target projects with the goal of extending project life and optimizing power generation.
Tim Rosenzweig, CEO of PPM said: “We are excited to work with the ACEN team toward our shared goal of accelerating the transition to renewable energy. This transaction will help us grow our development and operating platform in the US.”
ACEN has successfully deployed more than USD $200 million in each of its priority markets of Australia, Vietnam and Indonesia to date. ACEN hopes to add renewable capacity in the US to its growing portfolio as it continues to work towards its goal of 5,000 MW of capacity by 2025.
DISCLAIMER: This disclosure may contain forward-looking statements that are subject to risk factors and opportunities that may affect ACEN’s plans to complete the transaction/s subject of this disclosure. Each forward-looking statement is made only as of the date of this disclosure. Outcomes of the subject transaction may differ materially from those expressed in the forward-looking statements included in this disclosure.