ACEN acquires stake in 38-MW US wind project
By Alena Mae S. Flores – January 24, 2024, 8:30 pm
from manilastandard.net
ACEN Corp., the energy platform of the Ayala Group, said Wednesday its joint venture with PivotGen and UPC Solar & Wind Investments, completed the acquisition of the interests of EDF Renewables North America in a wind project in Pennsylvania.
ACEN said in a disclosure to the Philippine Stock Exchange that UPC Power Solutions, its joint venture with PivotGen and UPC Solar & Wind Investments, signed the purchase agreement with EDF Renewables for the 38-megawatt Chestnut Flats operating wind project near Altoona.
The move supports ACEN’s global expansion as it targets to reach 20,000 megawatts of renewable energy projects by 2030, it said.
It said EDF Renewables would continue to provide asset management and operations and maintenance services.
UPC Power Solutions, established in April 2022, is focused on acquiring operating wind projects in the US and exploring strategies for extending useful life and enhancing performance through preventative maintenance and new investment.
“The addition of this high-quality renewable asset will support our long-term strategy to build a diversified fleet of operating wind projects. Our investment in Chestnut Flats will create economic opportunity and maintain jobs in the local community,” UPC Power Solutions chief executive Tim Rosenzweig said.
UPC Power Solutions’ operating portfolio has grown to more than 170 MW of renewable power generation across multiple states in the US following the latest acquisition.
ACEN’s partner PivotGen is a developer of wind and solar energy projects throughout the United States, while UPCSWI is the principal investment company of Brian Caffyn, a pioneer in the RE industry.
Meanwhile, ACEN, through joint-venture company UPC Power Solutions received US regulatory approval for the acquisition of eight operating wind projects in Texas last year.
The US Federal Energy Regulatory Commission authorized UPC Power Solutions’ acquisition of 136 MW of wind assets from US-based GlidePath Power Solutions LLC.
ACEN has about 4,500 MW of attributable capacity from owned facilities in the Philippines, Australia, Vietnam, Indonesia and India, with a renewable share of 98 percent.
ACEN said it is committed to transition the company’s generation portfolio to 100 percent RE by 2025 and become a net zero greenhouse gas emissions company by 2050.
