Ian Sayson
Tue, April 26, 2022,
(Bloomberg) -- Philippine conglomerate Ayala Corp. plans to acquire wind projects in the U.S. in line with a target to boost its renewable energy capacity to 5,000 megawatts by 2025.
Ayala unit ACEN got board approval to enter the U.S. renewable energy market through a partnership with UPC Solar & Wind Investments LLC and Pivot Power Management. They will acquire operating wind projects and extend their life through repowering, it said in a stock exchange filing.
“Our aspiration is for the U.S. to become a priority market for ACEN outside of the Philippines over time,” ACEN International President Patrice Clausse said in a statement.
The Ayala unit has invested more than $200 million in each of Australia, Vietnam and Indonesia. In early April, the company and ib vogt GmbH of Germany announced setting up a platform to fund solar power plants in Asia.
ACEN has about 3,800 MW of attributable capacity in the Philippines, Vietnam, Indonesia, India, and Australia with a renewable share capacity at 87%, among the highest in the region.
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