ACEN Corp., the renewable energy arm of the Ayala Group, has acquired full ownership of technical operations and maintenance services provider Paddak Energy Corp. for P12 million, the company said Thursday. The acquisition is part of ACEN’s strategy to expand its operations and support services for its growing portfolio of renewable energy projects.
In a disclosure to the Philippine Stock Exchange (PSE), ACEN revealed that it signed a subscription contract with Paddak to acquire 1,200,000 common shares and 10,800,000 preferred shares, both at a par value of P1 a share. These shares will be issued out of Paddak’s unissued capital stock.
ACEN also said that Paddak will be rebranded as ACEN Operations Services Inc., a subsidiary that will provide technical operations and maintenance services to ACEN’s renewable energy assets in the Philippines. This acquisition comes as ACEN seeks to strengthen its operational capabilities to manage and support its growing renewable energy business.
This move follows closely on the heels of another major transaction earlier this week, in which ACEN’s affiliate, ACEN Vietnam Investments Pte. Ltd. (ACEV), acquired a 49 percent stake in BIM Energy Holding Corp. (BIMEH) for USD70.5 million. The acquisition is aimed at expanding ACEN’s pipeline of renewable energy projects in Vietnam, where BIMEH holds interests in a 405 MW solar farm and an 88 MW wind farm in Ninh Thuan province.
With the latest acquisitions, ACEN’s global generation portfolio has approximated 6,800 MW, of which 3,000 MW are fully operational assets. The company aims to scale its renewable energy capacity to 20,000 MW by 2030, as part of its commitment to deliver clean, reliable, and affordable energy, while also working toward becoming a net zero emissions company by 2050.
In addition to its projects in the Philippines and Vietnam, ACEN is actively developing renewable energy assets across several key markets, including Indonesia, Australia, India, Laos, the United States, and Taiwan.
