Pursuing a business commitment started last April, the Philippines’ ACEN Corporation (formerly known as AC Energy Corporation), acquired a portfolio of operating wind projects in the US, closing the deal towards the end of March this year.
Through its joint-venture company in the US, UPC Power Solutions LLC, ACEN signed a Purchase and Sale Agreement with GlidePath to take over eight operating wind projects located in northern Texas. As ACEN enters into the fast-growing US renewables market, it also brings with it expertise and experience gleaned from being a power producer, expanding its geographic footprint beyond the Philippines.
Wind park in Texas. (By Lindsay Attaway, Creative Commons, Attribution-ShareAlike 2.0 Generic)
In the Asia Pacific region, it has invested some $200 million to create over 4,000 MW of capacity distributed in power entities in the Vietnam, Indonesia, India, and Australia, apart from those in the Philippines. It has a 98% renewable footprint — among the highest in the region.
Additionally, in its renewable energy road map, the US is important to its growing portfolio as it continues to work towards its goal of 5,000 MW of capacity in two years.
UPC Power Solutions LLC’s platform leverages the combined expertise of its partners Pivot Power Management and UPC Solar & Wind Investments. It set as one of its missions the acquisition of operating wind projects in the US, with the goal of implementing preventative maintenance and repowering existing systems, both operating and not.
The partners share the same vision of building a sustainable energy future with the aim to maximize economic impact while providing environmental benefits for all stakeholders.
“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,” Patrice Clausse, CEO of ACEN International said last April 2022.
Just over a year later, after acquiring a total of 136 MW of wind assets from GlidePath, the company is targeting to generate an additional ~360 GWh of wind energy annually. Enough power for around 24,000 households and cut down ~127,000 metric tons of CO2 emissions.
“We’ve long set our sights on the US as our next market following our sustained success in the Asia Pacific. We are committed to enact the accelerated green energy transition globally, and these new partnerships ensure that ACEN is well-placed to harness the vast opportunities in the US renewables space,” Clausse said in a press statement.
“We are excited to announce this acquisition. We look forward to successfully repowering the portfolio so that these projects can continue to deliver clean, renewable power and provide jobs and economic opportunity in local communities,” Tim Rosenzweig, CEO, and co-founder of PivotGen concludes.
ACEN is the listed energy platform of the Ayala Corporation one of the oldest and largest conglomerates in the Philippines dealing in real estate, banking, telecommunications, automotive, and power.
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