ACEN Corp. said Wednesday it signed an agreement to provide a credit facility of up to P200 million to fund the development costs of YMP Telecom Power Inc.’s projects.
ACEN said in a disclosure to the stock exchange its wholly-owned subsidiary Belenos Energy Corp. signed a share purchase agreement on Dec. 22, 2023 for the acquisition of YMP Telecom and its affiliate YMP Industrial Power Inc. through the purchase of 100 percent of the outstanding shares held by Yoma Micro Power (S) Pte. Ltd. in each of these companies.
ACEN said it is acquiring the shares at a price less than 10 percent of its book value for the purpose of building and operating solar-powered solutions for telecommunication towers and commercial and industrial solar power solutions in the Philippines.
ACEN previously announced its proposed joint venture with Norfund, the Norwegian Investment Fund and investment into Yoma Micro Power.
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.
Yoma Micro Power installs and maintains solar and solar-hybrid power plants for telecom companies. It has powered more than 600 telecom towers with reliable and cost-effective renewable energy.