Ayala-led ACEN Corporation has teamed up with Indonesian firm PT Deweta Magaenergi to look into possible renewable energy projects in Indonesia.
In a disclosure to the Philippine Stock Exchange, ACEN said that its unit, ACEN Indonesia Investment Holdings, Pte. Ltd. has signed a shareholders’ agreement with PT Deweta Magaenergi.
Through the joint venture, PT Dewata ACEN Renewables Indonesia, the two companies will “explore potential renewable energy projects within Indonesia.”
ACEN Indonesia also signed an agreement with PT Trisuya Mitra Bersama through the PT Puri Prakarsa Batam joint venture. This partnership eyes the construction of large-scale power plants, battery energy storage systems, and green hydrogen projects in Indonesia.
ACEN is also looking to build 1,000 megawatts (MW) of operational capacity across Asia through its partnership with solar developer ib vogt (Singapore) Pte. Ltd.
The Ayala company recently raised Php 25 billion through perpetual preferred shares, the first cycle of its shelf registration of up to 50 million preferred shares. The said funds are seen to fast-track ACEN’s renewable energy expansion.
ACEN currently has around 4,200 MW of attributable capacity across the Philippines, Vietnam, Indonesia, India, and Australia.