ACEN Corp. announced Tuesday a proposed joint venture with Norfund, the Norwegian Investment Fund and investment, to invest in Yoma Micro Power Telecom Power Inc.
ACEN said in a disclosure to the stock exchange the investment, approved by its executive committee, “involves the provision of sustainable and affordable telecom tower solarization solutions in the Philippines,” subject to definitive documentation.
Norfund is the Norwegian Investment Fund for developing countries with about $2.5 billion in total commitments as of 2021.
It is owned and funded by the Norwegian government and is used as a tool for strengthening the private sector in developing countries.
Meanwhile, YMP installs and maintains solar and solar-hybrid power plants for telecom companies. YMP has powered more than 600 telecom towers with reliable and cost-effective renewable energy.
YMP’s investors include the Myanmar conglomerate Yoma Group , Norfund, International Finance Corp., the World Bank Group’s development finance institution and Alakesh Chetia, the founder of the company. Meanwhile, the ACEN executive committee also approved the one-year extension of maturity of the P4.7-billion loan facility provided to Greencore Power Solution 3, its joint venture with Citicore Solar Energy Corp. for the 72-MW Arayat solar project in Pampanga at an interest rate of 15 percent (an increase from the current 7 percent).