ACEN Corp. said UPC Power Solutions, its joint venture with PivotGen and UPC Solar & Wind Investments has concluded the purchase agreement with EDF Renewables North America.
The company said in a disclosure to the Philippine Stock Exchange yesterday the agreement involves the purchase of lessee interests in the 38 megawatts (MW) Chestnut Flats operating wind project located near Altoona, Pennsylvania.
ACEN added under the deal, EDF Renewables will continue to provide asset management and operations and maintenance services for the project.
“The addition of this high-quality renewable asset will support our long-term strategy to build a diversified fleet of operating wind projects… Our investment in Chestnut Flats will create economic opportunity and maintain jobs in the local community,” said Tim Rosenzweig, UPC Power Solutions chief executive officer, in a statement.
UPC Power Solutions added with this acquisition, its operating portfolio has grown to over 170 MW of renewable power generation across multiple states in the United States.
UPC Power Solutions was established in April 2022 to focus on acquiring operating wind projects in the US and exploring strategies for extending useful life and enhancing performance through preventative maintenance and new investment.
ACEN has a diversified portfolio of 4,400 MW in renewables with 38 percent or 1,700 MW in operation.
The company’s operating capacity is expected to grow by 1,000 MW in the next few months.
Apart from the Philippines and the US, ACEN also currently has projects in Vietnam, Lao People’s Democratic Republic, India, Australia as well as in Indonesia and Taiwan.
