A SUBSIDIARY of Ayala-led ACEN Corp. and a member of Puri Usaha Group have agreed to develop renewable energy (RE) projects in Indonesia via a joint venture company.
In a stock exchange disclosure on Thursday, ACEN said its unit ACEN Indonesia Investment Holdings, Pte. Ltd. and PT Trisuya Mitra Bersama entered into an investment agreement and shareholders’ agreement for PT Puri Prakarsa Batam, the joint venture firm, on Wednesday.
In its media release in May last year, ACEN said the renewable energy projects would focus on large-scale solar power plants, battery energy storage system, and green hydrogen projects.
According to the release, the joint venture entity involves Suryagen Group — where PT Puri Prakarsa Batam is part of — and covers the Batam, Bintan, and Karikum islands, as well as East Tenggara province.
The projects to be built in Indonesia are intended to export power to Singapore via subsea cable, which is the Surgayen platform’s first project that it sought to develop.
To date, ACEN has around 4,200 megawatts of attributable capacity spread across the Philippines, Vietnam, Indonesia, India, and Australia. The company is targeting to reach 20 gigawatts in attributable renewables capacity by 2030.
For the second quarter, ACEN reported an attributable net income of P2.21 billion, up 23.5% from P1.79 billion previously.
Revenues rose by 32.2% to P11.33 billion while expenses also increased by 43.6% to P10.24 billion.
On Thursday, shares in the company declined by 2.34% or P0.12 to P5.01 each. — Sheldeen Joy Talavera
