ACEN forges new renewable energy joint venture in Indonesia

ACEN Corp. said Tuesday it signed a shareholders’ agreement to the formation a joint venture that will develop renewable energy projects in Indonesia.

The listed energy arm of the Ayala Group said its unit, ACEN Indonesia Investment Holdings Pte Ltd, signed the deal with PT Dewata Megaenergi to establish a joint venture platform, PT Dewata ACEN Renewables Indonesia. 

“The platform will explore potential renewable energy projects within Indonesia,” ACEN told the stock exchange.

Financial and other deals of the agreement weren’t immediately disclosed.

Only last month, ACEN announced signing a deal with PT Trisurya Mitra Bersama to form a joint venture called PT Puri Prakarsa Batam, envisioned to become a large-scale solar, battery energy storage system and green hydrogen developer.

The Ayala energy company has 4.4 gigaWatts of capacity in its renewable energy portfolio, with 2.7 GW of capacity accounted for by projects in Vietnam, Indonesia, India and Australia. 
ACEN is aggressively expanding its clean energy portfolio across Asia-Pacific in line with its goal of building the capacity of renewable portfolio to 20 GW by 2030.