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Manila Bulletin devider Business devider The Stock Market devider ACEN acquires stake in BIM Energy, expanding Vietnam's RE portfolio

ACEN acquires stake in BIM Energy, expanding Vietnam's RE portfolio

Published Nov 27, 2024 02:35 am

Ayala-led renewable energy platform ACEN Corp. announced it will acquire Vietnamese firm BIM Energy Holdings (BIMEH) to help the neighboring country achieve its renewable energy goal.

In a disclosure to the Philippine Stock Exchange on Wednesday, November 27th, ACEN said that its affiliate, ACEN Vietnam Investments Pte. Ltd. (ACEV), inked a deal with Huntington Renewable Investments Ltd. to purchase 49 percent of BIMEH.

This acquisition, worth $70.5 million (approximately P4 billion), will boost BIMEH’s solar and wind energy assets.

ACEN’s investment will support the growth of Vietnamese projects, such as the 405-megawatt (MW) Ninh Thuan Solar farm, one of the largest in Southeast Asia.

According to ACEN, Ninh Thuan occupies roughly 300 hectares and generates around 600 million kilowatt-hours (kWh) of renewable energy for the country’s grid. As of December of last year, this project has helped power approximately 60,000 households in Vietnam.

Ninh Thuan Wind is also part of ACEN’s investment. With an 88 MW capacity, the project is expected to power around 40,000 homes and reduce carbon emissions by 143,000 metric tons annually.

The wind project, valued at US$155 million, is located in South Central Vietnam and utilizes GE Renewable Energy Cypress wind turbine technology.

Currently, ACEN’s portfolio includes seven Vietnam-based renewable energy projects, contributing to the 2,840 MW net attributable capacity of the company’s international assets.

In the Philippines, ACEN has approximately 1,850 MW of net attributable renewable capacity.

ACEN also recently reported a 24 percent growth in its nine-month net income due to the launch of new power plants.

From January to September 2024, ACEN recorded P8.14 billion in consolidated net income.

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