ACEN Corp. said Thursday subsidiary ACEN Indonesia Investment Holdings Pte. Ltd. executed the investment and shareholders’ agreement with PT Trisuya Mitra Bersama for joint venture company PT Puri Prakarsa Batam.
ACEN said in a disclosure to the Philippine Stock Exchange the parties signed an agreement on August 30, 2023.
PT Trisuya Mitra Bersama is a member of the Puri Usaha Group which was instrumental in the formation of a consortium to participate in the cross-border initiative to import renewable energy from Indonesia for the Singaporean market.
ACEN and the Puri Usaha Group announced in May 2022 that they forged an agreement to set up a platform for developing RE projects in Indonesia focusing on large-scale solar power plants, battery energy storage system and green hydrogen projects.
The projects cover those in Batam, Bintan and Karimun islands as well as East Nusa Tenggara province where the Puri Usaha Group has developing its RE projects.
“ACEN is an ideal strategic partner for the Puri Usaha group to strengthen our overall capabilities in undertaking our major projects around Indonesia beginning with the historic cross border green electricity project from Batam to Singapore,” said Puri Usaha Group chief executive Ben Subrata.
ACEN is the listed energy platform of the Ayala Group. The company has about 4,400 MW of attributable capacity in the Philippines, Australia, Vietnam, Indonesia and India.