ACEN Renewables International Pte. Ltd. (ACRI), a subsidiary of ACEN Corporation, has partnered with Singapore-based company Silverwolf Capital Ltd. through a mutual venture called ACEN-Silverwolf Pte. Ltd. with the goal of developing solar projects in Taiwan.
Inquirer reported that ACRI’s investment for the project is estimated at $2 million, which will serve as working capital, resulting in ACEN securing a 50% ownership stake.
ACEN has also entered into a partnership with PT Trisurya Mitra Bersama, an Indonesian company, to establish PT Puri Prakarsa Batam. This establishment is focused on the development of large-scale solar, battery energy storage systems, and green hydrogen.
This venture will supply East Nusa Tenggara Province, as well as Bintan, Batam, and Karimun islands.
The energy company also obtained a Php 10 billion loan last month to finance its huge goal for sustainable energy expansion. In a disclosure to the Philippine Stock Exchange, the company reported that this loan is an integral part of the Php 32 billion fundraising strategy that was revealed in March.
Acen Corporation currently boasts 4.4 gigawatts (GW) of renewable energy capacity under its belt, with 2.7 GW coming from foreign companies in Vietnam, India, Indonesia, and Australia.
The energy firm declared its intention to boost its renewable energy portfolio by adding 20 GW more by 2030.