AC Energy Corp.’s wholly-owned subsidiary AC Renewables International obtained board approval to partner with NEFIN Holding Ltd. to establish a 50-50 joint venture holding company that will develop, construct and operate rooftop solar projects across Asia.
AC Energy said in a disclosure it will invest up to $80 million to NEFIN for the joint venture to own 21 MW of operating assets apart from a robust near-term project pipeline.
NEFIN is a solar power developer and investor in carbon neutrality solutions with offices in Malaysia, Hong Kong and Taiwan. So far, it already delivered over 300 MW of utility-scale, commercial and industrial solar power systems spread throughout Asia-Pacific.
In a separate disclosure, AC Energy said it booked a 5 percent increase in its consolidated net income in the first half of the year to P2.7 billion from P2.6 billion in the same period in 2020 driven by the recovery in power demand as well as contributions of acquired operational and newly operational renewable energy projects.
Consolidated revenues for the period also rose 35 percent to P13.4 billion as the figures already included results of operations of the international power assets that have been recently infused by parent AC Energy and Infrastructure Corp.
AC Energy’s attributable capacity at the end of the period also went up by 56 percent to 2,589 megawatts (MW) from 1,659 MW in the first half of 2020, with the start of construction of new projects in the Philippines, Vietnam, India and Australia. – Jed Macapagal
