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Friday, March 1, 2024

ACEN, BrightNight to form joint venture on utility-scale RE projects

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ACEN Corp. said Tuesday its executive committee approved the proposed partnership with BrightNight APAC B.V to form a renewable energy company that will develop utility-scale RE projects in the country.

“This partnership in the Philippines, once completed, will be the second GW-scale renewable energy platform investment partnership between ACEN and BrightNight in APAC,” the company said in a disclosure to the Philippine Stock Exchange.

BrightNight and ACEN previously formed a partnership that aims to deploy $250-million equity to accelerate the development, construction and operation of BrightNight’s 1.2 gigawatts (GW), multi-technology renewable power portfolio in India.

ACEN said the partnership would establish a new company, directly by ACEN or indirectly through ACEN’s designated affiliate.

ACEN, the listed energy platform of the Ayala Group, is building up its RE platform to reach its 20 GW RE capacity goal by 2030.

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BrightNight APAC B.V is wholly-owned by BrightNight LLC. It is the first global renewable integrated power company designed to provide utility and commercial and industrial customers with clean, dispatchable renewable power solutions.

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