ACEN Corp. said Thursday it expects to complete the acquisition of Sinocalan Solar Power Corp. (SPPC) in the next few weeks.
A share purchase agreement for the sale of Sungrow Power Renewables Corp. (Sungrow) and Havilah AAA Holdings Corp.’s (Havilah) shares in SPPC was signed with ACEN last November 29. SSPC is the developer of the 60megawatt (MW) solar power plant in Pangasinan.
“Completion of the acquisition is expected to occur by December 15, 2022, subject to agreed conditions precedent. (ACEN) will wholly own SSPC upon completion of the acquisition,” the company told the stock exchange.
Sungrow is a leader in the research and development of solar inverters and a broad product portfolio offering PV inverter solutions, energy storage systems and floating PV plant solutions.
ACEN is the listed energy platform of the Ayala Group. It has about 4,000 MW of attributable capacity in the Philippines, Vietnam, Indonesia, India, and Australia, with a renewable share of 87 percent, which is among the highest in the region.
The company’s aspiration is to be the largest listed renewables platform in Southeast Asia, with a goal of reaching 20,000MW in renewables capacity by 2030.
Meanwhile, ACE Enexor, Inc., the oil and gas arm of the Ayala Group, announced Thursday that it has changed its name to ENEX Energy Corp. It earlier disclosed plans to put up a 1,100MW combined cycle power plant in Batangas.
