Philippino group Ayala’s energy platform AC Energy Corporation (ACEN) has announced it will establish a 50:50 joint venture with Hong Kong-based solar developer NEFIN to develop, construct, and operate rooftop solar projects across Asia.
AC Energy, through its arm AC Renewables International (ACRI), has obtained the board approval to enter into the joint venture with NEFIN.
The joint venture will own 21 MW of operating assets and has a robust near-term project pipeline. Geographies covered include Hong Kong, Malaysia, China, and Taiwan, with potential expansion to other Australasian countries.
NEFIN, as an expert in rooftop solar PV system engineering and management, has collectively delivered over 300 MW of utility-scale, commercial, and industrial solar PV systems for itself and its clients.
Philippine-based ACEN has 1,034 MW of attributable capacity (including 491 MW renewables) in the Philippines. This is expected to increase with the planned infusion of AC Energy International, which has 1,400 MW of 100% renewables assets. This includes 140 MW DC (100 MW AC) ground-mount Sitara Solar plant in Rajasthan, which started power generation in May 2021, and 70 MW DC (50 MW AC) Paryapt Solar in Gujarat, which is operational since April 2021.
ACEN aspires to become the largest listed renewables platform in Southeast Asia and is on track to achieve its goal of 5 GW of renewables capacity by 2025.
ACRI will initially invest US$ 10 million of fresh funds into the joint venture, which will be used to construct near-term projects over the coming years. It will further expand its funding for the development and construction of the rest of the joint venture’s carbon neutrality pipeline.
“We expect distributed power generation to be an increasingly important pillar of the global energy transition,” said Patrice Clausse, Director of ACRI and COO of ACEN. “We are delighted to announce our partnership with NEFIN in what will be AC Energy’s first foray into rooftop solar projects as we look forward to roll out more projects throughout the region.”
Glenn Lim, CEO and co-founder of NEFIN, said, “In the coming future, we will strive to achieve carbon neutrality with more global business partners using innovative methods to play our part to achieve a green recovery for a sustainable world together.”
The joint venture plans to invest in socially responsible and commercially viable projects through innovative technological approaches that assist corporations in achieving a green recovery as economies pick up after the pandemic.
DBS Bank Ltd. is the sole financial advisor for NEFIN for this transaction.
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