ACEN expands presence in US
ACEN Corp., the listed energy platform of the Ayala Group, has expanded its renewable power portfolio in the United States with the acquisition of a 38-megawatt (MW) wind project.
Through UPC Power Solutions, ACEN’s joint venture with PivotGen and UPC Solar & Wind Investments LLC, a purchase agreement with EDF Renewables North America has been completed involving the acquisition of the lessee interests in the 38-MW Chestnut Flats operating wind project located near Altoona in Pennsylvania.
ACEN said EDF Renewables would continue to provide asset management and operations and maintenance services for the wind project.
The acquisition bolsters UPC Power Solutions’ operating portfolio to over 170 MW of renewable power generation across multiple states in the US.
“The addition of this high-quality renewable asset will support our longterm strategy to build a diversified fleet of operating wind projects,” UPC Power Solutions chief executive officer Tim Rosenzweig said.
“Our investment in Chestnut Flats will create economic opportunity and maintain jobs in the local community,” Rosenzweig said.
UPC Power Solutions is established in April 2022 for the purpose of acquiring operating wind projects in the US and exploring strategies for extending useful life and enhancing performance through preventative maintenance and new investment.
ACEN has its sights on the US as the company’s next market following its sustained success in AsiaPacific.
The company first announced that it was targeting the US renewable energy market in April 2022 after its subsidiary ACEN USA LLC formed a strategic partnership with Pivot Power Management and UPC Solar & Wind Investments LLC.
ACEN has about 4,500 MW of attributable capacity from owned facilities in the Philippines, Australia, Vietnam, Indonesia and India, with a renewable share of 98 percent.
The company targets to be the largest listed renewables platform in Southeast Asia, with a goal of reaching 20 gigawatts of renewables capacity by 2030.
Its partners in UPC Power Solutions are PivotGen, a developer of wind and solar energy projects throughout the US, and UPC Solar & Wind Investments, the principal investment company of Brian Caffyn, a pioneer in the renewable energy development industry.