ACEN buys 25% stake in ‘landmark’ wind farm
ACEN Corp., the Ayala Group’s listed energy platform, is cornering a minority stake in Danish investment firm Copenhagen Infrastructure Partners’ (CIP) upcoming offshore wind farm in Camarines Sur province, bolstering its clean energy portfolio.
In a disclosure on Thursday, ACEN said it signed an agreement with CIP Growth Markets Fund II to acquire a 25-percent stake in the latter’s proposed offshore facility.
ACEN did not disclose the acquisition amount. The wind project, located near the coast of San Miguel Bay, has a potential capacity of up to 1 gigawatt and is currently in the predevelopment stage.
Considered as one of the most advanced offshore wind initiatives in the Philippines, the project is situated in an area where water depths are shallow to mitigate offshore wind challenges and close to the shore and also to the nearest substation. Its in-bay location presents a lower typhoon risk, further ensuring stability in operations.
Juan Paolo Colet, managing director at investment bank China Bank Capital Corp., said this was a “powerhouse partnership” for offshore wind development in the Philippines.
“Their combined global and local expertise and resources will be very important in executing one of the most complex renewable energy projects in the country,” Colet said in a Viber message.
Colet also said such a “landmark undertaking” would certainly attract a strong syndicate of banks for help in funding.
