ACEN Corp. said on Thursday that a joint venture (JV) company, IBV ACEN Renewables Asia Pte. Ltd., had completed the acquisition of shares in a Bangladeshi solar project as part of a bid to expand its footprint in the South Asian country.
In a disclosure, the renewable energy company said that IBV ACEN closed the acquisition, through Sonagazi Sun Holdings Pte. Ltd., of a 49-percent interest in a 70-megawatt Bangladesh solar project.
The acquisition price was said to be less than 10 percent of the book value of ACEN as of end-September 2024.
Last October, ACEN disclosed that its business unit, ACEN Renewables International Pte. Ltd., was infusing up to $18 million into the JV to facilitate the construction and execution of a solar project in Bangladesh.
Specifically, ACEN said the investment was meant to acquire the relevant project holding company and fund the necessary capital expenditures to construct the target solar project.
The investment is part of ACEN’s expected outlay of up to $200 million in equity investments in line with its targets a minimum operational capacity of 1,000 MW across the Asia Pacific, with potential for future expansion.
ACEN shares on Thursday dropped 22 centavos, or 5.96 percent, to close at P3.47 each.
Be the first to comment