Ayala unit acquires US wind power assets

ACEN Corp. announced Thursday that its joint venture company, UPC Power Solutions LLC, is acquiring 136 megawatts (MW) of wind power assets from United States-based GlidePath Power Solutions LLC.

UPC Power Solutions signed a Purchase and Sale Agreement with GlidePath for the acquisition of a portfolio of eight operating wind projects located in the state of Texas.

“We’ve long set our sights on the US as our next market following our sustained success in the Asia Pacific. We are committed to enact the accelerated green energy transition globally, and these new partnerships ensure that ACEN is well-placed to harness the vast opportunities in the US renewables space,” said ACEN International CEO Patrice Clausse.

This development marks ACEN’s anticipated entry into the fast-growing US renewables market as it expands its geographic footprint beyond the Asia Pacific region.

It can be recalled that ACEN, through its subsidiary ACEN USA LLC, formed a strategic partnership with Pivot Power Management (PivotGen) and UPC Solar & Wind Investments LLC to pursue opportunities to acquire operating wind projects in the US, and explore strategies for extending their useful life through preventative maintenance and repowering.

“We are excited to announce this acquisition. We look forward to successfully repowering the portfolio so that these projects can continue to deliver clean, renewable power and provide jobs and economic opportunity in local communities,” said PivotGen CEO Tim Rosenzweig.

ACEN said the sale would be subject to regulatory approvals including the Federal Energy Regulatory Commission, an independent agency that regulates the interstate transmission of electricity, natural gas, and oil.

The energy platform of conglomerate Ayala Corp. has about 4,000 MW of attributable capacity from owned facilities in the Philippines, Vietnam, Indonesia, India, and Australia, with a renewable share of 98 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 gigawatts of renewables capacity by 2030.


Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Previous Article

Foton rolls out first-ever full-electric light-duty truck

Next Article

San Miguel 2022 profit falls on foreign exchange losses

Related Posts

Read more

Apple CEO meets China
exec to talk supply chain

APPLE Inc. Chief Executive Officer Tim Cook met China’s Minister of Commerce Wang Wentao last Monday, underscoring the importance of the relationship between the leading US consumer tech company and its key partner despite heightened tensions between Washington and Beijing.

Read more

Mreit purchase of Megaworld assets OK’d

MREIT Inc., the real estate investment trust of Megaworld Corp., on Monday said it secured approval from the Securities and Exchange Commission (SEC) for the acquisition of four office properties in McKinley West and Iloilo Business Park with a total value of P5.3 billion.