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Manila Bulletin devider Business devider ACEN, Barito seal Indonesian wind project deals

ACEN, Barito seal Indonesian wind project deals

Published Jan 3, 2024 11:27 am

At A Glance

  • ACEN Corp. and Barito Renewables have acquired three late-stage wind development assets in Indonesia.<br>The projects have a combined potential capacity of 320 megawatts and are located in South Sulawesi, Sukabumi, and Lombok provinces.<br>Barito Wind owns a 51% stake in the projects, while ACEN HK owns the remaining 49%.<br>Last Dec. 15, ACEN HK and PT Barito signed a sale and purchase agreement (SPA) with UPC Renewables Asia Pacific Holdings for the acquisition of the wind development assets.

The renewable energy unit of ACEN Corp. and Barito Renewables have completed the acquisition of wind projects under development in Indonesia.

ACEN told the Philippine Stock Exchange that the acquisition, carried out through its subsidiary ACEN Renewables International, and PT Barito Wind Energy, includes three late-stage wind development assets with a combined potential capacity of 320 megawatts. 

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

Following the transaction, Barito Wind now holds a 51 percent stake in the projects, while ACEN's subsidiary ACEN Investments HK Limited (ACEN HK) owns the remaining 49 percent.

Last Dec. 15, ACEN HK and PT Barito inked a sale and purchase agreement (SPA) with UPC Renewables Asia Pacific Holdings to acquire late-stage wind development assets. 

Patrice Clausse, ACEN International chief executive officer, said that Indonesia marks the group's initial expansion outside the Philippines, underscoring its pivotal role in ACEN's strategic growth trajectory.

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

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

Barito Wind and ACEN are also discussing working together on more wind energy projects in Indonesia.

“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,” Hendra Tan, Barito Renewables chief executive officer said.

“Barito Renewables remain steadfast in supporting Indonesia’s pursuit of a net zero future and delivering clean energy locally and globally,” he added.

ACEN and Barito share decarbonization goals in support of Indonesia's renewable energy targets, aligning with the country's aim to achieve net zero emissions. 

Moreover, Barito's subsidiary, Star Energy, is ACEN's partner in the 663-MW Salak and Darajat geothermal plant in West Java, Indonesia.

Indonesia is aiming to reach net zero emissions by 2060 and plans to raise its renewable energy production to 23 percent by 2025. 

The country's sustainable energy transition plan, presented at the G20 Summit in Bali last year, garnered favorable responses from the international community.

Related Tags

renewable energy ACEN Corporation
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