AYALA-led ACEN Corp. through its joint-venture company, UPC Power Solutions LLC, is set to acquire the portfolio of eight operating wind projects in northern Texas, the renewable energy company said on Thursday.
“We’ve long set our sights on the US as our next market following our sustained success in the Asia Pacific. We are committed to enact the accelerated green energy transition globally, and these new partnerships ensure that ACEN is well-placed to harness the vast opportunities in the US renewables space,” Patrice R. Clausse, chief executive officer of ACEN International, said in a statement.
In a regulatory filing, ACEN said that UPC Power signed a purchase and sale agreement with GlidePath Power Solutions LLC for the acquisition of 136 megawatts (MW) of wind assets.
“The latest milestone marks ACEN’s anticipated entry to the fast-growing US renewables market as it expands its geographic footprint beyond the Asia Pacific region,” ACEN said.
ACEN said that the sale is pending regulatory approvals including the Federal Energy Regulatory Commission (FERC), which serves as an independent agency and regulator of interstate transmission of electricity, natural gas, and oil.
The renewable energy company said that the wind operating assets will generate about 360 gigawatt-hours (GWh) of wind energy per year, which can power around 24,000 households.
Last year, ACEN, through its subsidiary ACEN USA LLC partnered with Pivot Power Management (PivotGen) and UPC Solar & Wind Investments LLC to explore opportunities to acquire operating wind projects in the US.
“We are excited to announce this acquisition. We look forward to successfully repowering the portfolio so that these projects can continue to deliver clean, renewable power and provide jobs and economic opportunity in local communities,” Tim Rosenzweig, chief executive officer and co-founder of PivotGen, said.
At the local bourse on Thursday, shares in the company declined by five centavos or 0.83% to end at P6 apiece. — Ashley Erika O. Jose