ACEN completes takeover of Australian JV platform

MANILA, Philippines — ACEN Corp. has completed its takeover of its Australian joint venture platform for $173.1 million.

In a stock exchange filing, ACEN said subsidiary ACEN Renewables International (ACRI) now wholly owns ACEN Australia following the completion of its acquisition of the Australia development platform.

ACEN said ACRI and UPC Renewables Asia Pacific Holdings (UPCAPH) signed an instrument of transfer for UPCAPH’s remaining 4,766 ordinary shares in UPC-AC Energy Australia (HK) Ltd.

This completes the second and final tranche of ACRI’s acquisition of ACEN Australia.

ACEN said the aggregate consideration paid for the first and second tranches is $173.089 million, which is a result of the negotiations between the parties.

In 2021, ACEN announced the acquisition by the company of the effective ownership interest of its joint venture partner UPCAPH and Anton Rohner in ACEN Australia, their joint venture holding company for Australia energy and power projects and investments, for up to $243.3 million, subject to adjustments.

The acquisition transforms the UPCAC Renewables Australia joint venture into ACEN Australia, ACEN’s first wholly owned development and operating platform outside of the Philippines.

It likewise results in the full ownership by ACEN of the 521-megawatt (MW) New England solar farm and the 520-MW Stubbo solar farm in Australia, as well as the development pipeline of ACEN Australia spanning New South Wales, Tasmania, Victoria, and South Australia.

Australia is ACEN’s biggest market outside of the Philippines to date, with over 1,000 MW of renewable energy projects under construction.

ACEN, the listed energy platform of the Ayala Group, has about 4,000 MW of attributable capacity from owned facilities in the Philippines, Vietnam, Indonesia, India, and Australia.

The company aims to be the largest listed renewables platform in Southeast Asia, with a goal of reaching 20 gigawatts of renewables capacity by 2030.

It is also committed to transition the company’s generation portfolio to 100 percent renewable energy by 2025.