ACEN signs deal to acquire 40% interest in Quezon wind project

By Alena Mae S. Flores – March 22, 2024, 7:30 pm
from manilastandard.net

ACEN Corp., the listed energy platform of the Ayala Group, said Friday it signed documents to acquire a 40-percent stake in Real Wind Energy Inc., a company developing a 500-megawatt wind project in Quezon province.

“The transaction will potentially add 500 MW of renewable energy to ACEN’s power generation portfolio,” ACEN said in disclosure to the Philippine Stock Exchange.

ACEN said it signed an asset and share sale and purchase agreement with Modern Energy Management Pte. Ltd. (MEM) and signed the deed of absolute sale of shares with MEM, as the seller, for the acquisition of 4,000 common shares in RWEI equivalent to 40 percent of the total outstanding shares of the company.

ACEN also signed a loan assignment agreement for the assignment of MEM’s receivables from RWEI.

“The RWEI project is strategically located close to another ACEN wind project spanning Laguna and Quezon. This new acquisition presents opportunities for synergies through the joint use of logistical routes, transmission lines, and substation infrastructure,” the company said.

RWEI is a special purpose vehicle for the development and operation of the wind energy project in Real, Quezon.

ACEN said the acquisition price was less than 10 percent of the book value of the company as of Dec. 31, 2023.

ACEN is pursuing an aggressive expansion to achieve its target of having 20 gigawatts of renewable energy capacity by 2030.