ACEN EXPANDING FOOTPRINT IN INDONESIA
AC Energy Corp. (Acen) of the Ayala Group is expanding its presence in Indonesia through a partnership with Puri Usaha Group that will jointly develop renewable energy projects.
Both parties plan to form a joint venture to be called Suryagen Capital Pte. Ltd., which will undertake projects focusing on large-scale solar, battery energy storage systems and green hydrogen projects, subject to applicable regulatory approvals and execution of definitive documentation.
The planned facilities will be put up in the Batam, Bintan and Karimun (BBK) islands as well as East Nusa Tenggara province, where most of Puri Usaha Group’s ongoing projects are located.
Puri Usaha Group, whose operations began in 1999, is a holding company with a focus on energy-related businesses. It identifies, develops and invests in power assets mainly under its subsidiary PT Puri Energi Kencana in Indonesia and Timor Leste.
Since 2016, the Jakarta-based firm has pivoted to renewable energy, with a vision to construct Indonesia’s first large-scale solar power and green hydrogen facility.
“The Puri Usaha Group was instrumental in the formation of a consortium to participate in the recently announced ambitious cross border initiative to import renewable energy from
Indonesia for the Singaporean market, which is currently being run by the Energy Market Authority of Singapore,” said Acen in a disclosure.
Exporting to SG
The joint venture will work on its first project by next year, which involves building renewable power in Indonesia and exporting the power to Singapore via a subsea cable.
Patrice Clausse, chief operating officer of AC Energy International, said Indonesia “has tremendous potential to continue to grow and expand its renewable energy assets and we are excited about the potential of the Suryagen platform.”
“Acen is an ideal strategic partner for the Puri Usaha group to strengthen our overall capabilities in undertaking our major projects around Indonesia beginning with the historic cross-border green electricity project from Batam to Singapore,” said Ben Subrata, CEO of Puri Usaha group of companies.
The latest partnership is seen to boost Acen’s aspiration to become the largest listed renewables platform in Southeast Asia and reach 5 gigawatts of renewables capacity by 2025.
At present, Acen has more than 3,800 megawatts of attributable capacity in the Philippines, Vietnam, Indonesia, India and Australia. Of its power portfolio, 87 percent or 3,300 MW consisted of renewable energy.