AYALA-LED ACEN Corp., through its subsidiary, took over two companies under Yoma Micro Power Pte. Ltd. to provide solar power to telecommunication towers as well as commercial and industrial sectors.
In a regulatory filing on Wednesday, ACEN said that Belenos Energy Corp. acquired YMP Telecom Power, Inc. and its affiliate YMP Industrial Power, Inc. on Dec. 22 by purchasing 100% of the outstanding shares held by Yoma.
The shares were bought at a price “less than 10% of the book value of ACEN,” the company said.
Meanwhile, ACEN has also agreed to lend up to P200 million to YMP Telecom to fund the latter’s development costs of certain energy efficiency and renewable energy projects.
In July, the company said its executive committee had approved the proposed joint venture with the Norwegian Investment Fund and investment into YMP.
On its website, YMP described itself as a leading company in Southeast Asia engaged in distributed renewable energy that encourages telecom operators and tower companies to decarbonize.
The company designs, procures, installs, and maintains solar and solar-hybrid power plants to allow telecom companies to save on diesel, YMP said.
ACEN has approximately 4,430 megawatts of attributable capacity spanning the Philippines, Vietnam, Indonesia, India, and Australia.
On Wednesday, shares of the company went down by five centavos or 1.2% to close at P4.10 apiece. — Sheldeen Joy Talavera