ACEN Corp. said its subsidiary, ACEN Renewables International Pte. Ltd. together with its joint venture partner, UPC Renewables Asia Pacific Holdings Pte. Ltd. has completed the sale of all their shares in Indonesian firm, PT UPC Sidrap Bayu Energi.
The company said the shares are held through UPC Sidrap HK Limited and UPC Renewables Asia III Limited and was transferred to PT Barito Wind Energy on Tuesday.
In a disclosure to the Philippine Stock Exchange yesterday, ACEN said the move is considered as a sale of shares indirectly owned by ACEN Renewables International.
No details were provided.
Last January, all companies involved in the shares sale activity have acquired stakes in wind projects in Indonesia.
ACEN Renewables International through its subsidiary ACEN Investments HK Ltd., together with PT Barito Wind Energy acquired late-stage wind development assets in Indonesia from UPC Renewables Asia Pacific Holdings.
The three wind power assets with a combined potential capacity of 320 megawatts (MW) are located in South Sulawesi, Sukabumi and Lombok provinces in Indonesia.
Under the terms of the agreement, Barito Wind owns 51 percent of the three development assets while ACEN HK holds the remaining 49 percent.
