ACEN, through its joint-venture company UPC Power Solutions LLC signed a purchase and sale agreement with GlidePath for the acquisition of a portfolio of eight operating wind projects located in northern Texas, USA.
In a disclosure to the Philippine Stock Exchange, the company said the acquisition will generate approximately 360 gigawatt hours of wind energy per year that is enough to power around 24,000 households and avoid up to 127,000 metric tons of carbon dioxide emissions.
The acquisition cost was not disclosed. The deal is subject to regulatory approvals including the Federal Energy Regulatory Commission, an independent agency that regulates the interstate transmission of electricity, natural gas and oil in the US.
ACEN said the acquisition serves as its entry to the US renewables market as it expands its geographic footprint beyond the Asia-Pacific region.
“We’ve long set our sights on the US as our next market following our sustained success in the Asia-Pacific. We are committed to enact the accelerated green energy transition globally and these new partnerships ensure that ACEN is well-placed to harness the vast opportunities in the US renewables space,” said Patrice Clausse, ACEN International chief executive officer, in a statement.
Last year, ACEN, through its subsidiary ACEN USA LLC, formed a strategic partnership with Pivot Power Management and UPC Solar and Wind Investments LLC to pursue opportunities to acquire operating wind projects in the US and explore strategies for extending their useful life through preventative maintenance and repowering.
The entire ACEN group now has more than 2,400 megawatts (MW) of projects under construction and expects to spend P50 to P70 billion of capital expenditures this year as it aspires to own 20,000 MW worth of RE capacity by 2030.
ACEN also has more than 4,000 MW of attributable renewables capacity in operation and under construction across the Philippines and the region, including Australia, Vietnam, Indonesia and India.
