ACEN Corp., Ayala Group’s listed energy arm, said Monday its subsidiaries are investing in a 165.6-megawatt wind project in Texas, United States.
ACEN said in a disclosure to the stock exchange the board of its subsidiary ACEN International Inc. approved on May 10 the acquisition of and investment directly by ACEN International or through an affiliate in the Hackberry Wind Project in Shackelford County, Texas.
The company said the transaction is subject to finalization of commercial terms, satisfaction of agreed conditions precedent and execution of definitive documentation.
“Such acquisition and investment are intended to be made by UPC Power Solutions LLC, the existing US joint venture company of ACEN USA LCC, PivotGen and UPC Wind and Solar Investments, LLC,” ACEN said.
UPC Power Solutions received US regulatory approval for the acquisition of eight operating wind projects in Texas last year. Established in April 2022 UPC Power focused on acquiring operating wind projects in the US and exploring strategies for extending useful life and enhancing performance through preventative maintenance and new investment.
PivotGen is a developer of wind and solar energy projects throughout the United States. It develops new renewable energy generation projects and gives new life to older projects through repowering and refurbishment strategies.
Meanwhile, UPCSWI is the principal investment company of Brian E. Caffyn, a pioneer in the renewable energy development industry.
ACEN announced in January that UPC Power Solutions, its joint venture with PivotGen and UPCSWI, completed its purchase agreement with EDF Renewables for the 38-megawatt Chestnut Flats operating wind project located near Altoona.
The move supports ACEN’s global expansion as it targets to reach 20,000 megawatts of renewable energy projects by 2030.