ACEN Corp., the renewable energy arm of the Ayala Group, said that its joint venture, IBV ACEN Renewables Asia Pte. Ltd., has successfully closed the acquisition of a 49 percent stake in a 70-megawatt solar farm project in Bangladesh. The acquisition was made through IBV ACEN’s subsidiary, Sonagazi Sun Holdings Pte. Ltd.
The financial details of the transaction reveal that the acquisition price is less than 10 percent of ACEN’s book value as of 30 September 2024. ACEN’s book value at that time stood at P3.70 per share, or a total value of P146.8 billion.
IBV ACEN Renewables was formed as a strategic joint venture aimed at acquiring shovel-ready renewable energy projects across the Asia-Pacific region. The company has set an ambitious target of acquiring projects with a combined operational capacity of at least 1,000 megawatts. In line with this, ACEN’s subsidiary, ACEN Renewables International Pte. Ltd., has committed to investing up to USD18 million into the joint venture to fund the development and execution of the 70-megawatt solar project in Bangladesh.
This acquisition forms part of ACEN’s broader growth strategy in the renewable energy sector, which includes a target equity investment of up to USD200 million to expand its footprint across Asia Pacific. The company’s goal is to significantly increase its renewable energy capacity, with the potential for further growth and expansion in the region’s fast-growing green energy market.
