Ayala-led ACEN Corp. is set to expand its renewable energy footprint in Vietnam with the acquisition of a 49 percent stake in BIM Energy Holdings (BIMEH) through its affiliate, ACEN Vietnam Investments Pte. Ltd. (ACEV).
In a report by Manila Bulletin, ACEN disclosed a USD 70.5-million (approximately Php 4 billion) deal with Huntington Renewable Investments Ltd. to purchase the stake. The investment aims to boost BIMEH’s solar and wind energy assets and support Vietnam’s renewable energy goals.
The acquisition will include the 405-megawatt (MW) Ninh Thuan Solar farm, one of Southeast Asia’s largest renewable energy facilities. Ninh Thuan generates around 600 million kilowatt-hours (kWh) of clean energy annually, and powers around 60,000 Vietnamese households as of December last year.
The investment also covers the 88 MW Ninh Thuan Wind project in South Central Vietnam valued at $155 million. The project is seen to power 40,000 homes and reduce carbon emissions by 143,000 metric tons annually.
This acquisition adds to ACEN’s portfolio of seven renewable energy projects in Vietnam, contributing to the company’s international net attributable capacity of 2,840 MW.
In the Philippines, ACEN holds approximately 1,850 MW of net attributable renewable capacity.
The recently company reported a 24 percent increase in its consolidated net income for the first nine months, amounting to P8.14 billion.
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