AC Energy Corporation (ACEN), through wholly-owned subsidiary AC Renewables International (ACRI), will be investing $10 million through to develop, construct, and operate rooftop solar projects across Asia.
The move, approved by ACEN’s board, would be done via 50-50 joint venture with Hong Kong-based NEFIN Holding Limited, a leading solar photovoltaic (PV) developer and investor in carbon neutrality solutions.
Under the deal, the joint venture would build 21 megawatts (MW) worth of solar assets and would have a robust near-term project pipeline. ACRI will also commit to further expand its funding for the development and construction of the rest of the partnership’s carbon neutrality pipeline.
An expert in rooftop solar PV system engineering and management, NEFIN has collectively delivered over 300MW of utility-scale, commercial, and industrial solar PV systems for itself and its clients.
As of June 30, AC Energy has 2,589MW in its power generation portfolio, 2,070MW of which are renewables. The Ayalas’ power arm aims to build 5,000MW in renewable energy (RE) assets by 2025 and aims to become Southeast Asia’s largest listed RE firm.
ACEN said its partnership with NEFIN is a natural fit, with both businesses anchored on sustainability and with growing RE capacity.
The Ayala-led firm recently reported a 28% profit decline in the second quarter to Php1.42 billion from Php1.97 billion year-on-year despite higher power sales. Nonetheless, it managed to have a five percent increase in its first half net income to Php2.7 billion from Php2.6 billion in the same period last year.