ACEN, Norfund to provide solar solutions for telco firms
BY MYRNA M. VELASCO – Jul 11, 2023 04:29 PM
from Manila Bulletin
Ayala-led ACEN Corporation has partnered with Norwegian Investment Fund (Norfund) for targeted provision of solar solutions that will cater to the energy needs of telecommunications companies in the Philippines.
In a disclosure to the Philippine Stock Exchange (PSE), ACEN indicated that the proposed joint venture with Norfund, will primarily cover “investment into YMP Telecom Power Inc. for the provision of sustainable and affordable telecom tower solarization solutions in the Philippines.”
Norfund is the sovereign wealth fund that is owned and managed by the government of Norway. It has been serving as its investment tool for key opportunities in developing countries.
In the Philippines, it is likened to the controversial Maharlika Investment Fund that the Marcos administration has been pushing for.
On response to media queries, the Ayala firm qualified that the ACEN-Norfund partnership will finance projects of YMP (Yoma), which is a company known to have expertise in designing and deploying solar solutions for telco towers.
It added that “the business case is for JV (joint venture) to provide solar power to telecom towers owned by telecom companies in the Philippines.”
ACEN has not given details on targeted projects yet, specifying that the “terms of the (partnership deal) are still being finalized.”
The company said it will disclose further information on the business tie-up “once we sign the definitive agreements.”
Ensuring reliable and efficient energy supply to the telco towers would greatly help in ensuring seamless flow of communication traversing through these telecom networks.
Since many corporates including telco companies are looking for green solutions on their energy usage, solar is seen as a viable technology that will satiate their proclivity on sustainability and net zero goals.
