ACEN venture buys 38-MW U.S. wind project
‘The addition of this high-quality renewable asset will support our long-term strategy to build a diversified fleet of operating wind projects.’ The agreement involves the purchase of the lessee interests in the 38-MW Chestnut Flats operating wind project
UPC Power Solutions, a joint venture between Ayala-backed ACEN, PivotGen, and UPC Solar & Wind Investments, has completed its acquisition of a 38-megawatt wind facility.
In a stock report on Wednesday, ACEN disclosed that UPC completed its purchase agreement with EDF Renewables North America.
The agreement involves the purchase of the lessee interests in the 38 MW Chestnut Flats operating wind project located near Altoona, Pennsylvania, United States.
High-quality renewable asset
“The addition of this high-quality renewable asset will support our long-term strategy to build a diversified fleet of operating wind projects,” said Tim Rosenzweig, chief executive officer of UPC Power Solutions.
“Our investment in Chestnut Flats will create economic opportunity and maintain jobs in the local community.”
Despite the deal, EDF Renewables, on the other hand, said it will continue to provide asset management and operations and maintenance services.
Our investment in Chestnut Flats will create economic opportunity and maintain jobs in the local community.
Established in April 2022, UPC Power Solutions is focused on acquiring operating wind projects in the US and exploring strategies for extending useful life and enhancing performance through preventative maintenance and new investment.
Operating portfolio
With this acquisition, the ninth project, and the second merger and acquisition closing in 2023, UPC Power Solutions’ operating portfolio has grown to over 170 MW of renewable power generation across multiple states in the United States.
ACEN currently has 4,500 megawatts of attributable capacity, and this development is an instrumental step towards our ambitious target of reaching 20 gigawatts by 2030.
ACEN targets to transition the company’s generation portfolio to fully renewable energy by 2025 and to become a Net Zero greenhouse gas emissions company by 2050.