ACEN unit sells 24% stake in Dutch power company

By Alena Mae S. Flores – July 13, 2023, 7:30 pm
from manilastandard.net

ACEN Corp. said Thursday a subsidiary completed the sale of a 24.24-percent stake in ACEHI Netherlands B.V. to Star Energy Oil & Gas Pte Ltd.

ACEN said in a disclosure to the Philippine Stock Exchange ACEN Renewables International Pte Ltd. completed the sale of 2,424 ordinary shares, representing 24.24 percent of the outstanding capital stock of ACEHI Netherlands to SEOG.

ACEN said the sale is a modest sell-down to achieve highly attractive value realization, while still retaining a meaningful ownership in ACEHI Netherlands.

ACEHI Netherlands is a Dutch holding company that has a 19.8-percent interest in Salak and Darajat geothermal power plants in Indonesia.

The power plants have a combined capacity of 655.5 megawatts in West Java.

SEOG is part of the Star Energy group, which is ACEN’s partner for the Indonesian geothermal projects.

“With this sale by ACRI of shares in ACEHI Netherlands, ACEHI Netherlands has become a jointly controlled entity by ACRI and SEOG,” ACEN said.

ACEN has around 4,300 MW of attributable capacity 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 20,000 MW of renewables capacity by 2030.