ACEN Corp. said on Wednesday UPC Power Solutions—its joint venture with PivotGen, and UPC Solar & Wind Investments—has successfully concluded the acquisition of a 38MW wind project from EDF Renewables North America.
In a disclosure to the Philippine Stock Exchange (PSE), ACEN said the closing of this agreement involves the purchase of the lessee interests in the 38 MW Chestnut Flats operating wind project located near Altoona.
EDF Renewables North America will continue to provide essential asset management and operations and maintenance services for the project.
Established in April 2022, UPC Power Solutions is increasing its presence in the renewable energy (RE) sector in the United States through wind projects.
“The addition of this high-quality renewable asset will support our long-term strategy to build a diversified fleet of operating wind projects,” said Tim Rosenzweig, UPC Power Solutions CEO, said. “Our investment in Chestnut Flats will create economic opportunity and maintain jobs in the local community.”
This acquisition marks UPC Power Solutions’ ninth project and its second merger and acquisition in 2023, bringing its total operating portfolio to over 170 MW of renewable power generation across various states in the US.
ACEN has set an ambitious target of reaching 20 gigawatts (GW) by 2030 in line with its net-zero carbon emissions goal. So far, the company has around 4.3 GW of capacity from its facilities in the Philippines, Australia, Vietnam, Indonesia and India, with a renewable energy share of 98 percent.
Last November, the company reported a net income of P6.6 billion at end-September 2023, up by 59 percent from the same period a year ago, boosted by gains from the sale of its stake in geothermal power plants in Indonesia.
Revenues for January to September rose 13 percent year-on-year to P28.6 billion on the back of higher retail customer tariffs and the ramp-up of New England solar in Australia and Pagudpud wind in the Philippines.
Core operating earnings, which represents ACEN’s attributable share of income from operating units, doubled with new operating capacity across the global portfolio and the shift to a net selling merchant position in 2023. This offset higher overhead and development expenses for the period as ACEN continues to ramp up its renewables expansion in the Philippines and in Australia.
Image credits: www.edf-re.com