The Ayala Group’s listed energy platform, ACEN Corp. is set to complete its acquisition of a project company developing a 60-megawatt solar power plant in Pangasinan by the middle of the month.
ACEN disclosed that it executed an agreement for the purchase of Sungrow Power Renewables Corp. and Havilah AAA Holdings Corp. ’s shares and/or subscription rights in Sinocalan Solar Power Corp. (SSPC).
SSPC is the developer of the 60MW solar power plant.
ACEN said the completion of the transaction is expected on December 15, subject to agreed conditions precedent.
The company will wholly own SSPC upon completion of the acquisition.
ACEN owns about 3,700 MW of attributable capacity in the Philippines, Vietnam, Indonesia, India, and Australia.
It aims to reach 20,000 MW in renewable capacity by 2030.