ACEN acquires full ownership of tech firm

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ACEN Corp. has acquired full ownership of technical operations and maintenance services provider firm, Paddak Energy Corp. for P12 million.

In a disclosure to the Philippine Stock Exchange on Thursday, ACEN signed a subscription contract with Paddak for the subscription by the company to 1,200,000 common shares at par value of P1 per common share and 10,800,000 preferred shares at par value of P1 per preferred share, to be issued out of the unissued portion of the authorized capital stock of Paddak.

ACEN said it will eventually rename the company to ACEN Operations Services Inc. that will provide technical operations and maintenance related services to the renewable energy developer’s operating companies in the Philippines.

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Earlier this week, ACEN’s affiliate, ACEN Vietnam Investments Pte. Ltd. (ACEV), signed a share purchase agreement with Huntington Renewable Investments Ltd. to acquire a 49 percent stake in BIM Energy Holding Corp. (BIMEH).

ACEN said ACEV paid $70.5 million for the acquisition intended to increase its pipeline projects in Vietnam as BIMEH currently has ownership interest in the operations of the 405 megawatts (MW) Ninh Thuan solar and the 88 MW Ninh Thuan wind.

ACEN said its global generation portfolio now stands at approximately 6,800 MW, with 3,000 MW of which are fully operational assets. ACEN as a group, aims to increase its RE capacity to 20,000 MW by 2030 to help provide clean, reliable and affordable energy to more people and to also become a Net Zero greenhouse gas emissions company by 2050. 

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