ACEN Corp. said Thursday it signed a share purchase agreement with Maraj Energy and Development Corp. to acquire the remaining 60 percent of Real Wind Energy Inc.
ACEN will now wholly own RWEI—a special purpose vehicle for the development and operation of the 500-megawatt (MW) wind energy projects in Real, Quezon.
“The transaction will potentially add 500 MW of renewable energy to the company’s power generation portfolio,” the company said in a disclosure to the Philippine Stock Exchange.
The company acquired in March a 40-percent interest in RWEI from Modern Energy Management Pte. Ltd. (MEM).
ACEN said it signed the deed of absolute sale of shares with Maraj, as the seller, for the acquisition of 6,000 common shares in RWEI.
“The RWEI project is strategically located close to another ACEN wind project spanning Laguna and Quezon. This new acquisition presents opportunities for synergies through the joint use of logistical routes, transmission lines, and substation infrastructure,” it said.
It said the acquisition price represented less than 10 percent of the book value of the company as of March 31, 2024.
ACEN is the listed energy platform of the Ayala Group, with a fast-growing presence in the Philippines, Australia, Vietnam, India, Indonesia, Lao PDR and the United States.
It has about 4.8 gigawatts of attributable renewables capacity in operation and under construction, as well as signed agreements and won competitive tenders worth over 1 GW.
ACEN aims to provide clean, reliable and affordable energy in the Asia Pacific and grow its renewables capacity to 20 GW by 2030.
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