AC Energy Corporation (ACEN) has finalised its acquisition of the UPC\AC Renewables Australia joint venture (JV), resulting in the full ownership of the planned 720 MW New England and 400 MW Stubbo solar farms, as well as a development pipeline of more than 8 GW of renewables across solar, wind, pumped hydro, and energy storage technologies in Australia.
ACEN is the listed energy platform of Philippines-based Ayala Group, which has approximately 4 GW of generation capacity in the Philippines, Vietnam, Indonesia, India, and Australia, an estimated 87% of which is from renewables.
The company announced itself in the Australian market through the acquisition in 2021 of a majority share of UPC\AC Renewables, a 50:50 JV between ACEN and Hong Kong-headquartered clean energy group UPC Renewables. ACEN’s majority share in the JV was increased from 50% to 80% in 2022.
The acquisition has now been finalised, formally transforming the UPC\AC Renewables Australia JV into ACEN Australia, the company’s first wholly owned development and operating platform outside of the Philippines.
“This milestone establishes Australia as a stronghold for ACEN’s renewables expansion in the region,” ACEN International Chief Executive Officer Patrick Clausse said.
“Our organic operations and development team at ACEN Australia continues to harness the country’s outstanding potential for clean energy through their aggressive renewables push to reach 20 GW by 2030.”
“With New England solar nearing completion, Stubbo solar’s construction in full swing, and more than 8,000 MW in the pipeline, our clean energy mix has never been more robust.”
Clausse said the ACEN Australia platform has a development pipeline of more than 8 GW of renewables including solar, wind, pump hydro, and energy storage projects spanning NSW, Tasmania, Victoria, and South Australia.
This includes the proposed 600 MW Birriwa solar farm and battery project near Dunedoo in NSW, the 160 MW Axedale Solar Farm in central Victoria, and a share in the 250 MW Baroota pumped hydro and 300 MW Bridle Track solar projects in South Australia.
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