ACEN taps Norway’s Ocean Sun for floating solar projects in Asia

MANILA, Philippines — As energy markets reel from the global oil crisis, ACEN Corp. of the Zobel family has struck a deal with Norway’s Ocean Sun to accelerate its floating solar expansion across Asia.

ACEN, through ACEN-Silverwolf Pte. Ltd., has entered into a non-binding memorandum of understanding (MOU) with Ocean Sun, with plans to progress toward a binding agreement for the solar rollout.

The partnership, subject to the relevant approvals and definitive terms, will facilitate the deployment of utility-scale floating solar projects across select Asian markets using Ocean Sun’s technology.

Ocean Sun CEO Kristian Torvold said the MOU paves the way for scaling the company’s technology alongside a “highly experienced renewable energy developer.”

“It supports our capital light licensing strategy in the utility segment and provides a structured route from pilot projects to utility scale deployment, particularly in competitive freshwater environments,” Torvold said.

The Norwegian firm’s patented technology enables solar photovoltaic modules to float directly on the water’s surface. It helps reduce material use while improving cooling efficiency and power generation compared with conventional systems currently available on the market.

“For ACEN-Silverwolf, this is an important consideration as we assess technologies that can be deployed at scale across our portfolio, and the MOU provides a structured way to support and deploy Ocean Sun’s technology in that context,” ACEN-Silverwolf chairman Kelvin Yuen said.

ACEN-Silverwolf is a joint venture renewables platform between Singapore-based Silverwolf Capital Ltd. and ACEN Renewables International Pte. Ltd., the global investment arm of the ACEN Group.

The joint venture was established in 2023 to develop greenfield solar power projects in Taiwan, further expanding ACEN’s overseas presence.

Currently, ACEN-Silverwolf’s portfolio includes more than 100 megawatts of commercial and industrial renewable energy assets across China, Hong Kong, Malaysia, Thailand and Singapore.

ACEN, meanwhile, is one of the Philippines’ largest renewable power producers, with seven gigawatts of attributable global capacity spanning operational, under-construction and committed projects.