ACEN Corp., through its subsidiary ACEN Renewables International (ACRI), has completed the acquisition of its Australian joint venture platform for $173 million.
Under the deal, UPC Renewables Asia Pacific Holdings (UPCAPH) will transfer its remaining 4,766 ordinary shares in UPC-AC Energy Australia (HK) Ltd. to ACRI. This completes the second and final tranche of ACRI’s acquisition of ACEN Australia.
Australia is ACEN’s biggest market outside of the Philippines to date, with over 1,000 megawatts of renewable energy projects under construction.
The acquisition transforms the UPC\AC Renewables Australia joint venture into ACEN Australia, the company’s first wholly-owned development and operating platform outside of the Philippines.
With the transaction, ACEN will acquire full ownership of the 521 megawatt New England solar farm and the 520 MW Stubbo solar farm in Australia as well as the development pipeline of ACEN Australia spanning New South Wales, Tasmania, Victoria, and South Australia.
ACEN owns about 4,000 MW of attributable capacity from power plants in the Philippines, Vietnam, Indonesia, India, and Australia, with a renewable share of 98 percent, which is among the highest in the region.
It aims to be the largest listed renewables platform in Southeast Asia, with an ambitious goal of 20,000 MW of renewables capacity by 2030.
