ACEN Corp. said on Wednesday that subsidiary ACEN Vietnam Investments Pte. Ltd. (ACEV) has an agreement with Huntington Renewable Investments Ltd. to acquire a 49 percent stake in BIM Energy Holding Corp. (BIMEH), a move aimed at bolstering its renewable energy portfolio in Vietnam.
The acquisition, valued at USD70.5 million, enhances ACEN’s position in Vietnam’s growing renewable energy sector, as BIMEH holds significant interests in two key projects: the 405-megawatt Ninh Thuan solar power farm and the 88-megawatt Ninh Thuan wind project. ACEN sees the deal as a strategic step to expand its pipeline of renewable energy projects in the country.
The announcement follows ACEN’s recent financial results, which showed a 24 percent year-on-year increase in net income for the first nine months of 2024, reaching ₱8.14 billion, up from ₱6.6 billion in the same period last year. The company’s strong growth was driven by a 31 percent increase in attributable renewable energy generation, alongside its stable position in the Wholesale Electricity Spot Market.
ACEN also reported a significant jump in renewable energy output, with total attributable generation reaching 4,127 gigawatt-hours (GWh) in the first nine months of 2024, compared to 3,174 GWh during the same period last year.
With a current global generation portfolio of approximately 6,800 MW—of which 3,000 MW is fully operational—ACEN is on track to meet its ambitious target of 20,000 MW of renewable energy capacity by 2030. The company also aims to achieve Net Zero greenhouse gas emissions by 2050.
In addition to its projects in the Philippines and Vietnam, ACEN is actively developing renewable energy assets across multiple countries, including Indonesia, Australia, India, Laos, the United States, and Taiwan.
