ACEN acquires portfolio of eight operating wind projects in Texas, USA
MANILA, Philippines and AUSTIN, Texas, March 17, 2023 /PRNewswire/ -- ACEN, the listed energy platform of the Ayala group, through its joint-venture company, UPC Power Solutions LLC, signed a Purchase and Sale Agreement with GlidePath for the acquisition of a portfolio of eight operating wind projects located in northern Texas, USA.
The latest milestone marks ACEN's anticipated entry to the fast-growing US renewables market as it expands its geographic footprint beyond the Asia Pacific region.
Announced in April 2022, ACEN, through its subsidiary ACEN USA LLC, formed a strategic partnership with Pivot Power Management (PivotGen) 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. The partners share the same vision of building a sustainable energy future with the aim to maximize economc impact while providing environmental benefits for all stakeholders.
Patrice Clausse, CEO of ACEN International, said: "We've long set our sights on the US as our next market following our sustained success in the Asia Pacific. We are committed to enact the accelerated green energy transition globally, and these new partnerships ensure that ACEN is well-placed to harness the vast opportunities in the US renewables space."
Tim Rosenzweig, CEO, and co-founder of PivotGen, said: "We are excited to announce this acquisition. We look forward to successfully repowering the portfolio so that these projects can continue to deliver clean, renewable power and provide jobs and economic opportunity in local communities."
This sale will be subject to regulatory approvals including the Federal Energy Regulatory Commission (FERC), an independent agency that regulates the interstate transmission of electricity, natural gas, and oil.
ACEN (PSE:ACEN) is the listed energy platform of the Ayala Group. The company has ~4,000 MW of attributable capacity from owned facilities in the Philippines, Vietnam, Indonesia, India, and Australia, with a renewable share of 98%, which is among the highest in the region.
ACEN's aspiration is to be the largest listed renewables platform in Southeast Asia, with a goal of reaching 20 GW of renewables capacity by 2030. ACEN is committed to transition the company's generation portfolio to 100% renewable energy by 2025 and to become a Net Zero greenhouse gas emissions company by 2050.
PivotGen (Pivot Power Management, LLC), is a developer of wind and solar energy projects throughout the United States. With a focus on creative problem solving, PivotGen develops new energy generation projects and engineers solutions to refurbish and give new life to older projects. Our team shares a commitment to achieving a sustainable energy future and we are dedicated to maximizing economic impact and environmental benefit for our partners and the communities we work in.
DISCLAIMER: This disclosure may contain forward-looking statements that are subject to risk factors and opportunities that may affect ACEN's plans to complete the transaction/s subject of this disclosure. Each forward-looking statement is made only as of the date of this disclosure. Outcomes of the subject transaction may differ materially from those expressed in the forward-looking statements included in this disclosure.
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