ACEN Corp. affiliate ACEN Investments HK Ltd. and its Indonesian partner have acquired UPC Renewables Asia Pacific Holdings which is even now pursuing wind-driven power projects in Indonesia.
ACEN Corp. on Wednesday reported the late-stage acquisition of three power projects by its affiliate and that the transaction successfully concluded.
The wind power assets have a combined design capacity of 320 megawatts (MW) and located in South Sulawesi, Sukabumi and Lombok province in Indonesia.
Under the terms of the agreement, Barito Wind owns 51 percent of the assets still in development while ACEN HK holds the remaining 49 percent.
Earlier, ACEN also bared discussions with Barito Wind for a long-haul collaboration on more wind energy projects in Indonesia beyond the acquisition from UPC Renewables.
Barito, through its subsidiary Star Energy, is also ACEN’s partner in the 663-MW Salak and Darajat geothermal plant in West Java, Indonesia.
ACEN owns a diversified renewables portfolio of 4,400 MW 38 percent or 1,700 MW of which are in operation.
ACEN’s operating capacity is expected to grow by 1,000 MW in the next few months.
Apart from the Philippines and Indonesia, ACEN also has projects in Vietnam, Lao People’s Democratic Republic, India, Australia as well as in the United States and Taiwan.
