ACEN Vietnam Investment Pte. Ltd., a subsidiary of ACEN Corp., has purchased a 49% share in the Vietnamese renewable energy company BIM Energy Holding Corp. (BIMEH) for $70.5 million (P4.15 billion) to enhance its project portfolio within the nation.
Recently, ACEN Vietnam formalized a share acquisition agreement with Huntington Renewable Investments Ltd., a firm focused on renewable energy investments, to obtain an interest in BIMEH, as stated by ACEN in a regulatory disclosure on Wednesday.
“This acquisition will enable ACEN to expand its project pipeline in Vietnam,” the local energy firm declared.
ACEN and BIMEH, the renewable energy platform of BIM Group, are engaged in joint ventures for the 405-megawatt (MW) Ninh Thuan Solar and the 88-MW Ninh Thuan Wind projects.
Ninh Thuan Solar commenced its commercial operations in 2019, whereas Ninh Thuan Wind started contributing power to Vietnam’s grid in 2021. Collectively, these power projects are producing approximately 900 million kilowatt-hours of renewable energy annually.
BIM Group is a diversified corporation in Vietnam with interests in real estate, agriculture and food production, renewable energy, and consumer services.
ACEN, the energy platform of the Ayala conglomerate, possesses around 6.8 gigawatts of renewable energy capacity that is operational, under construction, or in committed projects.
The firm operates in a wide array of markets, including the Philippines, Australia, Vietnam, India, Indonesia, Laos, and the United States.
According to the company, ACEN’s newly operational renewable energy facilities launched earlier in 2024 have continued to make substantial contributions to generation output and, consequently, financial performance.
For the nine months ending in September, the firm reported an attributable net profit of P8.14 billion, an increase of 23.9% from last year’s P6.57 billion.
On the local exchange on Wednesday, ACEN shares declined by 2.82% to finish at P4.13 each. — Sheldeen Joy Talavera