December 13, 2024 | 12:00am
MANILA, Philippines — Ayala-led ACEN Corp. has further expanded its international presence with the acquisition of a 49-percent stake in the 70-megawatt (MW) Sonagazi power project in Bangladesh.
In a disclosure to the Philippine Stock Exchange yesterday, ACEN said IBV ACEN Renewables Asia Pte. Ltd. has completed the purchase of Sonagazi Sun Holdings Pte. Ltd.’s interest in the project.
The transaction’s closing was achieved after all conditions under the sale and purchase agreements had been satisfied, ACEN said.
IBV ACEN Renewables Asia is a joint venture between ACEN Renewables International Pte. Ltd. and ib vogt (Singapore) Pte. Ltd.
While financial details of this latest deal were not immediately made available, ACEN said the acquisition price was “less than 10 percent” of its book value as of end-September.
As previously disclosed, ACEN has allocated up to $18 million to fund the development of the Bangladesh project as part of the group’s aggressive expansion in Asia Pacific.
The investment will be used to purchase the relevant project holding company and finance the necessary capital expenditure.
This is aligned with IBV ACEN Renewables Asia’s target of having a minimum operational capacity of 1,000 MW by investing in shovel-ready projects in Bangladesh, Laos, Cambodia, Vietnam, Indonesia, Malaysia and other countries in the region.
The ACEN Group intends to invest up to $200 million in equity into the joint venture in addition to debt funding under the terms of the deal to accelerate the deployment of clean energy projects in Asia.
As the listed energy platform of the Ayala Group, the company aims to expand its attributable renewable capacity to 20 gigawatts over the next six years.
ACEN currently has a global generation portfolio of around 6.8 GW, consisting of over three GW in fully operational assets, 2.3 GW in projects under construction and 1.4 GW worth of committed projects.
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