ACEN Corp. of the Ayala Group and partner Barito Renewables completed the acquisition of shares in the three late-stage wind assets, with a combined potential capacity of 320 megawatts (MW) in Indonesia from UPC Renewables Asia Pacific Holdings.
ACEN said in a disclosure to the stock exchange Wednesday that with all conditions having been satisfied under the sale and purchase agreements, the parties achieved transaction closing.
ACEN said ACEN Investments HK Limited (ACEN HK), a subsidiary of ACEN Renewables International and Barito Renewables through PT Barito Wind Energy completed the conditions related to the sale on Jan. 3, 2024.
ACEN said it acquired the wind projects in South Sulawesi (Sidrap 2), Sukabumi and Lombok provinces in Indonesia, at a price less than 10 percent of the book value of ACEN.
Barito Wind owns 51 percent of the three development assets, while ACEN HK owns the remaining 49 percent following the signing of the respective share transfer deeds.
“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 earlier.
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.