Ayala-led ACEN announced that it has partnered with Jakarta-based Puri Usaha Group to develop large-scale solar power plants, battery energy storage systems, and green hydrogen projects in Indonesia.
The joint venture (JV), named Suryagen Capital Pte. Ltd, aims to begin constructing its first project in the Batam, Bintan, and Karimun islands and the East Nusa Tenggara province by 2023. Suryagen aims to construct renewable energy (RE) projects in the said Indonesian islands and export the power they would generate to nearby Singapore via a subsea cable, which it also plans to develop.
“ACEN is an ideal strategic partner for the Puri Usaha group to strengthen our overall capabilities in undertaking our major projects around Indonesia beginning with the historic cross border green electricity project from Batam to Singapore,” Puri Usaha group of companies CEO Ben Subrata said in a statement.
Through this joint venture, ACEN aims to expand its RE capacity in the Asia Pacific region, which is now at 3,330 megawatts (MW).
“In the time since we have started discussions, we have learned about the tremendous vision the Puri Usaha team has for the renewables industry in Indonesia. It is a vision that we share, as the country has tremendous potential to continue to grow and expand its renewable energy assets and we are excited about the potential of the Suryagen platform,” said AC Energy International COO Patrice Clausse.
Meanwhile, ACEN’s board of directors has approved the company’s plan to get an additional Php6 billion loan to support its target portfolio growth. In its disclosure to the Philippine Stock Exchange on Friday, however, the company has not given any details on the loan procurement, including the banks ACEN will be tapping into for the credit facility.
ACEN also disclosed that it will be issuing corporate guarantees worth AUD360 million for its 520-megawatt peak New England solar farm in New South Wales, Australia.