ACEN CORP. and United States-based renewable energy company BrightNight will jointly develop one gigawatt (GW) of renewables in the Philippines worth $1.2 billion over the next five years, the Ayala-led company said on Sunday.
“Our collaboration with BrightNight reflects our shared ambition to develop superior, hybrid renewable energy solutions,” Patrice Clausse, chief investment officer of ACEN, said in a statement.
“The success of our joint projects in India, which are already winning customers and building capacity, serves as a solid foundation for our venture in the Philippines,” he added.
ACEN, through its wholly owned subsidiary Paivatar Energy Corp., has signed a shareholders’ and investment agreement with BrightNight APAC B.V., the company told the local bourse on Friday.
BrightNight APAC is owned by BrightNight LLC, which is structured to offer utility and commercial and industrial customers with “clean, dispatchable renewable power solutions.”
The deal will mark the second GW-scale renewable energy platform partnership between ACEN and BrightNight, following their collaboration on the development of hybrid renewable energy projects in India with a total capacity of over 1.2 GW.
“ACEN’s leadership in the Philippines’ renewables sector is unparalleled, and we are honored they have chosen to form a partnership with us to develop our portfolio of next generation renewable solutions in their home market,” BrightNight Chief Executive Officer Martin Hermann said.
“They have demonstrated success in scaling and operating large fleets of renewable assets through strategic partnerships across the region, and our existing India partnership is already delivering tremendous value. This is another successful step in our expanding relationship,” he added.
To date, ACEN has approximately 4,700 megawatts of attributable capacity spanning the Philippines, Vietnam, Indonesia, India, and Australia. — Sheldeen Joy Talavera
