ACEN Corp. affiliate ACEN Vietnam Investments Pte. Ltd. (ACEV) has signed a share purchase agreement with Huntington Renewable Investments Ltd. to acquire a 49 percent stake in BIM Energy Holding Corp. (BIMEH).
ACEN said in a statement on Wednesday, ACEV paid $70.5 million for the acquisition.
The company said the move is 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.
Earlier this month, ACEN Corp. announced a 24 percent surge in its net income for the first nine months of the year at P8.14 billion compared to the P6.6 billion for the similar period in 2023.
The company said the growth was driven by a 31 percent growth in attributable renewable energy (RE) generation and ACEN’s stabilized, strong net selling position in the Wholesale Electricity Spot Market. ACEN said total attributable renewables output for the first nine months of 2024 amounted to 4,127 gigawatt hours (GWh) from last year’s 3,174 kWh for the similar period last year.
