ACEN Corp. of the Ayala Group said Monday it received US regulatory approval for the acquisition of eight operating wind projects in Texas.
ACEN said in a disclosure to the Philippine Stock Exchange that on June 1, 2023, the US Federal Energy Regulatory Commission authorized the company’s acquisition, through its joint-venture company, UPC Power Solutions LLC, of 136 megawatts of wind assets from US-based GlidePath Power Solutions LLC.
“With the FERC approval, UPC Power and GlidePath will proceed to complete the acquisition pursuant to their Purchase and Sale Agreement,” ACEN said.
UPC Power Solutions LLC signed a sale agreement with GlidePath on March 16, 2023 to acquire a portfolio of eight operating wind projects in northern Texas, subject to regulatory approvals including the approval of FERC.
The wind projects will generate about 360 gigawatt-hours of wind energy per year, enough to power around 24,000 households and avoid about 127,000 metric tons of carbon dioxide emissions.
The milestone marks ACEN anticipated entry into the fast-growing US renewables market as it expands its geographic footprint beyond the Asia Pacific region.
ACEN announced in April last year that ACEN USA LLC formed a strategic partnership with Pivot Power Management and UPC Solar & Wind Investments LLC to pursue opportunities to acquire operating wind projects in the US and explore strategies for extending their useful life through preventative maintenance and repowering.
PivotGen is a developer of wind and solar energy projects throughout the United States.
ACEN aspires to be the largest listed renewables platform in Southeast Asia, with a goal of reaching 20,000 MW of renewable capacity by 2030.