ACEN firms up collab with Barito group
ACEN Corp., part of the Ayala Group, is expanding its footprint in Indonesia by firming up a partnership with Indonesia’s Barito group to develop the latter’s wind energy projects.
The Filipino firm said in a disclosure Tuesday that it signed a strategic deal with Jakarta-based Barito Renewables.
“This exclusive partnership with Barito Renewables represents a bold step forward in our commitment to advancing Indonesia’s renewable energy sector,” said Patrice Clausse, ACEN group chief investment officer.
“It not only aligns with ACEN’s growth strategy in the region but also exemplifies our dedication to fostering innovative and sustainable energy solutions,” Clausse said in a joint statement.
This agreement builds on an earlier transaction through which ACEN acquired from the Barito group shares in three wind assets — in South Sulawesi, Sukabumi, and Lombok — which were already in “late-stage” development.
The projects have a combined potential capacity of 320 megawatts, boosted by battery energy storage solutions, which are seen to provide grid stability across Indonesia.
The Ayala subsidiary did not disclose the exact purchase price for the three assets, but it said in an earlier filing that it was “less than 10 percent of the book value of ACEN.”
Following that acquisition, ACEN Renewables International unit ACEN Investments HK Ltd. now holds 49 percent of the shares in the projects, while the remaining is still with Barito Wind Energy.
“Our exclusive partnership with ACEN represents a significant step toward realizing our mission of driving sustainable energy growth in Indonesia,” said Hendra Tan, chief executive officer of Barito Renewables.
Based on its website, ACEN also has a string of 99 MW of geothermal projects that are operating or under-construction in Indonesia.
Aside from Indonesia and the Philippines, ACEN is also present in Australia, Vietnam, India, Laos, and the United States.
The company ended the first six months with 4,800 MW of renewables capacity, expanding from last year’s 4,300 MW.
ACEN president and chief executive officer Eric Francia earlier expressed optimism that the company could hit its target of 20,000 MW of renewables capacity by 2030 as it readies to launch more projects.
