ACEN Corp. has completed the sale of its 24.2% outstanding capital stock in ACEHI Netherlands B.V. to Star Energy Oil & Gas Pte. Ltd., the Ayala-led energy company announced on Thursday.
In a disclosure to the stock exchange, ACEN said that its wholly owned subsidiary, ACEN Renewables International Pte. Ltd., previously completed the sale of 2,424 ordinary shares in ACEHI Netherlands to Star Energy.
As a result, ACEHI Netherlands will now be jointly controlled by ACEN Renewables International and Star Energy, ACEN noted.
Star Energy operates under the Star Energy Group, which is ACEN’s partner for the Salak and Darajat geothermal power plants in Indonesia.
ACEHI Netherlands, a Dutch holding company, possesses a 19.8% ownership interest in the Salak and Darajat geothermal power plants in Indonesia, with a total capacity of 655.5 megawatts.
The Ayala-led energy company has said that it is committed to expanding its renewable energy capacity and aims to transition its power generation to full renewables by 2025.
It has set a target to install 20 gigawatts of attributable renewable energy capacity by 2030.
Currently, the company has approximately 4,200 MW of attributable capacity across the Philippines, Vietnam, Indonesia, India, and Australia.
On Thursday, the company’s shares at the local bourse increased by seven centavos or 1.34% to close at P5.31 apiece. — Ashley Erika O. Jose
