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ACEN subsidiary completes sale of shares in Indonesian wind farm

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UPC RENEWABLES INDONESIA

ACEN Corp.’s subsidiary and its joint venture partner have completed the sale of all their shares in an Indonesian wind farm, the Ayala-led company said on Wednesday.

ACEN Renewables International Pte. Ltd. (ACRI) and its partner UPC Renewables Asia Pacific Holdings Pte. Ltd. settled the sale of their shares in PT UPC Sidrap Bayu Energi to PT Barito Wind Energy, the company said in a regulatory filing. 

The acquisition of the wind farm includes PT UPC Operation and Maintenance Indonesia, which is essential in supporting Sidrap’s operations.

Located in South Sulawesi, Sidrap has a 75-megawatt (MW) capacity.

The transaction was valued at $102.2 million (about P5.8 billion), according to PT Barito Renewables Energy Tbk, the parent company of Barito Wind.

“With the completion of the acquisition of Sidrap, we are taking a significant step forward in our mission to drive sustainable energy growth in Indonesia,” Hedra Tan, chief executive officer of Barito Renewables, said in a statement.

“This strategic move not only adds a prominent wind energy asset to our portfolio but also reinforces our dedication to pioneering renewable energy solutions for a greener future,” he added.

In December last year, Barito Wind reached an agreement with ACRI and UPC to acquire 100% shares of the latter.

Barito Renewables is an Indonesian-based holding company focusing on long-term strategy to provide “cleaner and lower emission energy.”

Meanwhile, ACEN has approximately 4,700 MW of attributable capacity to date spanning the Philippines, Vietnam, Indonesia, India, and Australia. — Sheldeen Joy Talavera

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