ACEN Corp. said Friday its subsidiary and partner PT Barito Wind Energy signed a sale and purchase agreement (SPA) with UPC Renewables Asia Pacific Holdings for the acquisition of wind power assets with a combined capacity of 320 megawatts in Indonesia.
ACEN said in a disclosure to the stock exchange ACEN Renewables International, through its subsidiary ACEN Investments HK Limited (ACEN HK) signed the agreement on Friday.
Under the terms of the agreement, Barito Wind will own 51 percent of the three development assets, while ACEN HK will own the remaining 49 percent.
“Indonesia was our first foray outside of the Philippines, underlining its strategic importance in ACEN’s growth story. As a leading player in the renewable energy sector, this significant agreement with Barito Renewables and UPC Renewables marks another milestone in our journey. The potential acquisition aligns perfectly with our growth strategy, particularly in expanding our wind energy footprint in the Asia Pacific region,” ACEN International chief executive Patrice Clausse said.
The three late-stage wind development assets are located in South Sulawesi (Sidrap 2), Sukabumi and Lombok provinces in Indonesia.
Indonesia pledged to reach net zero emissions by 2060, which includes a commitment to increase the country’s renewable energy output to 23 percent by 2025.
The country also introduced its sustainable energy transition plan in the G20 Summit in Bali last year and was welcomed by the international community.
Barito Wind and ACEN are in discussions to form a long-term partnership to collaborate on additional wind energy projects in Indonesia beyond the three late-stage wind development assets.
“Our investment into Sidrap 2, Sukabumi and Lombok, together with our esteemed partner, ACEN, positions us best to tap into Indonesia’s vast wind energy potential and contribute to the country’s renewable energy landscape. Barito Renewables remain steadfast in supporting Indonesia’s pursuit of a net zero future and delivering clean energy locally and globally,” Barito Renewables chief executive Hendra Tan said.