Ayala-led ACEN Corporation has partnered with the Norwegian Investment Fund (Norfund) in a joint venture to supply solar power to telecommunications towers across the country.
In a disclosure to the Philippine Stock Exchange, the executive committee of ACEN gave the go-ahead for the partnership with Norfund and investment in Yoma Micro Power (YMP) Telecom Power Inc. to provide the nation with cost-effective and sustainable telecom tower solarization solutions.
Norfund, also known as the Norwegian Investment Fund for Developing Countries, is a government-controlled organization aimed at supporting the growth of the private sector in underdeveloped nations. As of 2021, it has booked almost $2.5 billion in total commitments.
Yoma Micro Power (YMP), a renewable energy firm with a focus on Southeast Asia, supplies dependable and affordable renewable electricity to a little more than 600 solar hybrid power plants. Norfund, IFC, Yoma Group, and the company’s founder Alakesh Chetia are some of its investors.
ACEN Corporation, in the same disclosure, also announced that its committee has approved a one-year extension of the Php 4.7 billion loan facility for the Arayat Solar project. The loan facility was provided to Greencore Power Solution 3, a joint venture between ACEN Corporation and Citicore Solar Energy Corporation.
The interest rate on the extended loan has increased from about 7% to 15%.
In March of last year, the Arayat solar project’s first phase, which had a 72 megawatt (MW) capacity, reached its full capacity. The solar project’s second phase will increase the plant’s overall capacity to 116 MW.
ACEN International CEO Patrice Clausse stated that the energy company recently said that it anticipates signing more international investment agreements. She did not mention these potential acquisitions, but they will be carried out through the company’s current partners.
By 2030, ACEN Corporation hopes to have 20 gigawatts (GW) of renewable energy capacity, making it the biggest registered renewable energy (RE) company in Southeast Asia.
Additionally, the business anticipates expanding its portfolio by adding 8 GW additional RE projects in the nation, which will continue to be its primary market, as well as 5 GW in Australia, 2 GW in each of India and Vietnam, and 3 GW in Indonesia.
ACEN Corporation possesses approximately 4,300 MW of attributable capacity from its owned facilities, both in the country and abroad. The company’s portfolio boasts a renewable share of 98%, positioning it among the highest in the region.