ACEN Corp., the renewable energy arm of the Ayala Group, said Wednesday that one of its joint venture, UPC Power Solutions, has completed its purchase of EDF Renewables North America.
UPC Power is ACEN’s joint venture with PivotGen and UPC Solar & Wind Investments that was established in 2022 to focus on acquiring operating wind projects in the U.S. and exploring strategies for extending useful life and enhancing performance through preventive maintenance and new investment.
ACEN said that as part of the acquisition, UPC Power will purchase the lessee interests in the 38 megaWatt Chestnut Flats operating wind project in Altoona, Pennsylvania. This latest acquisition increases UPC Power’s renewable power generation portfolio to 170 MW across several US states.
EDF Renewables will continue to provide asset management, and operations and maintenance services.
Financial details of the acquisition weren’t made immediately available.
“The addition of this high-quality renewable asset will support our long-term strategy to build a diversified fleet of operating wind projects,” said Tim Rosenzweig, chief executive officer of UPC Power, in a statement. “Our investment in Chestnut Flats will create economic opportunity and maintain jobs in the local community,” he added.
ACEN last year entered the US market with UPC Power’s acquisition of 8 wind projects with a total capacity of 136 MW in Northern Texas. The acquisition is part of UPC Power’s purchase of US-based GlidePath Power Solutions Inc.
