ACEN Investments HK Ltd. (ACEN HK) and PT Barito Wind Energy (Barito Wind), two firms specializing in renewable energy, have signed a sale and purchase agreement (SPA) with UPC Renewables Asia Pacific Holdings to acquire wind development assets in Indonesia. 

In a disclosure to the Philippine Stock Exchange, ACEN Corp. said that through this agreement, Barito Wind, a subsidiary of Barito Renewables, will secure a 51 percent ownership stake in three late-stage development assets, while ACEN HK will acquire the remaining 49 percent. 

According to ACEN, the combined development has a 320-megawatt (MW) worth of capacity.

The wind projects are located in South Sulawesi (Sidrap 2), Sukabumi, and Lombok provinces in Indonesia.

Aside from the three late-stage wind projects, Barito Wind and ACEN were also reported to consider a long-term partnership to work on more wind power activities in Indonesia.

Hendra Tan, Barito Renewables chief executive officer, said they remain positive in backing Indonesia’s goal of an eco-friendly and net zero future.

“Our investment into Sidrap 2, Sukabumi and Lombok, together with our esteemed partner, ACEN, positions us best to tap into Indonesia’s vast wind energy potential and contribute to the country’s renewable energy landscape,” Tan said.

Indonesia aimed to reach net zero emissions by 2060.

This includes boosting their renewable output to 23 percent in two years from today.

Additionally, Indonesia presented its plan on RE during the G20 Summit in Bali last 2022.

Patrice Clausse, ACEN International chief executive officer shared that Indonesia becomes the company’s first foray outside of the Philippines.

"As a leading player in the renewable energy sector, this significant agreement with Barito Renewables and UPC Renewables marks another milestone in our journey,” he said.

“The potential acquisition aligns perfectly with our growth strategy, particularly in expanding our wind energy footprint in the Asia Pacific region,” Clausse added.