ACEN to partner with global firm

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ACEN Corp.’s executive committee has approved the proposed partnership with BrightNight APAC B.V for the establishment of a local renewable energy (RE) platform company to develop, construct and operate utility-scale RE projects in the Philippines.

However, ACEN said in a disclosure to the Philippine Stock Exchange yesterday the partnership is still subject to execution of final definitive documents, among other requirements.

BrightNight is a global renewable integrated power company with customers across the United States and Asia Pacific.

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In Asia Pacific, BrightNight has developed an advanced renewable power portfolio of 2.7 gigawatts (GW) across the Philippines, India, Australia and Bangladesh. Of the said capacity, 1GW is under development in the Philippines.

Earlier this year, BrightNight and ACEN also formed a partnership to deploy $250 million in equity to accelerate the development, construction and operation of 1.2 GW worth of multi-technology renewable power portfolio in India.

In a separate disclosure, ACEN said it also partnered with the Rockefeller Foundation’s Coal to Clean Credit Initiative (CCCI) and the Monetary Authority of Singapore (MAS) to explore major steps toward accelerating the phaseout of coal plants.

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