Ayala-led ACEN Corp. has approved the proposed joint venture with Norfund to invest into YMP Telecom Power Inc. and provide solar power for telecom towers in the Philippines.
In a regulatory filing, ACEN said the transaction is subject to definitive documentation and did not provide details.
Norfund is an investment fund owned by the Norwegian government that has committed $2.5 billion of its money to strengthen the private sector in developing countries like the Philippines.
Prior to this, ACEN just last week guaranteed debt securities worth $352 million (P19.5 billion) to be raised by its subsidiary, ACEN Cayman.
ACEN said the subsidiary will use the money to service outstanding obligations.
The company also made a $70 million (P3.9 billion) equity investment into subsidiaries ACEN International Inc. and ACEN Renewables International Pte. Ltd. last week.
Apart from the Philippines, ACEN also has operations in Australia, Vietnam, Indonesia, India, Lao PDR and the US.
The ACEN group now has more than 2,400 megawatts (MW) of projects under construction. It looks to own 20,000 MW worth of renewable energy capacity by 2030.
