Ayala’s energy firm, ACEN Corp., announced that its subsidiary had agreed with Indonesian company PT Dewata Megaenergi to explore potential renewable energy projects in Indonesia.
The two entities teamed up to establish a joint venture platform named PT Dewata ACEN Renewables Indonesia that will “explore potential renewable energy projects within Indonesia.”
Earlier on Aug. 18, ACEN Indonesia’s agreement with another Indonesian company PT Trisuya Mitra Bersama had been declared effective through a joint venture entity PT Puri Prakarsa Batam.
The partnership focuses on developing large-scale solar power plants, battery energy storage systems and green hydrogen projects in Indonesia.
Earlier this month, ACEN said the partnership of another subsidiary ACEN Renewables International Pte. Ltd. with Singapore-based company Silverwolf Capital Ltd. to pursue solar projects in Taiwan through a joint venture platform called ACEN-Silverwolf Pte. Ltd.
ACEN is also aiming to build solar projects with a minimum operational capacity of 1,000 MW in Asia through its partnership with German solar developer ib vogt.
The joint venture involves construction-ready projects in Bangladesh, Laos, Cambodia, Vietnam, Indonesia, Malaysia, and other countries in Asia-Pacific region.
ACEN said it had raised P25 billion by issuing perpetual preferred shares, which is the first tranche of the company’s shelf registration of up to 50 million preferred shares. The funds are expected to accelerate its renewable energy expansion.
ACEN now has around 4,200 MW of attributable capacity encompassing the Philippines, Vietnam, Indonesia, India, and Australia. It aims to expand its renewables portfolio to 20 GW by 2030.