ACEN, Barito Renewables forge exclusive partnership
By Lenie Lectura – August 28, 2024
from Business Mirror
ACEN Corp. and PT Barito Renewables Energy Tbk (Barito Renewables) announced Tuesday that they forged an exclusive partnership to hasten the development of wind renewable energy (RE) projects across Indonesia.
ACEN said in a disclosure to the stock exchange that the partnership will be executed through its subsidiary, ACEN Indonesia Investment Holdings Pte. Ltd., and Barito Renewables’ subsidiary, PT Barito Wind Energy. This partnership builds on the acquisition of three wind projects in South Sulawesi, Sukabumi, and Lombok that was previously announced last January.
These three wind power projects have a combined capacity of 320 megawatts (MW) and will include battery energy storage solutions to enhance grid stability.
“This exclusive partnership with Barito Renewables represents a bold step forward in our commitment to advancing Indonesia’s renewable energy sector. It not only aligns with ACEN’s growth strategy in the region but also exemplifies our dedication to fostering innovative and sustainable energy solutions,” said ACEN Group Chief Investment Officer Patrice Clausse.
ACEN said the strategic partnership also signals a robust commitment to exploring and developing innovative wind energy projects that will play a vital role in Indonesia’s transition to a low-carbon economy.
“Our exclusive partnership with ACEN represents a significant step toward realizing our mission of driving sustainable energy growth in Indonesia. This strategic move underscores our commitment to pioneering renewable energy solutions and contributing to a greener future,” said Barito Renewables CEO Hendra Tan.
ACEN is the listed energy platform of the Ayala Group with a fast-growing presence in the Philippines, Australia, Vietnam, India, Indonesia, Lao PDR and the United States. The company currently accounts for 4.8 gigawatts (GW) of attributable renewables capacity in operation and under construction.
The company aims to provide clean, reliable and affordable energy in the Asia Pacific and grow its renewables capacity to 20 GW by 2030. The company has been pioneering initiatives in early coal retirement and committed to becoming a Net Zero greenhouse gas emissions company by 2050.
ACEN’s net income jumped by 49 percent year-on-year to P6.3 billion in the first half due to the 42-percent increase in its attributable RE generation and a further improved net selling position in the electricity spot market.
“This performance continued to be driven principally by the year-over-year addition of new operating capacity from several renewable energy plants in the company’s major markets.
In the Philippines, these new plants allowed ACEN to further improve its net selling position in the Wholesale Electricity Spot Market,” ACEN said in a disclosure to the stock exchange.
Total attributable renewables output across ACEN’s markets, supported by the operationalization of several plants over the last six months, amounted to 2,908 GWh, up 42 percent year-on-year.
RE plants in the Philippines generated 1,015 GWh in the first half of 2024, a 77-percent expansion over the same period in 2023.
