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ACEN steps up expansion with Vietnam acquisition

AYALA-LED CEN orp. through its subsidiary in Vietnam has completed the first-phase acquisition of a solar power business in the regional neighbor.

Patrice R. Clausse, chief executive officer (CEO) of ACEN International, said the partnership between ACEN Vietnam Investments Pte. Ltd. and Super Energy Corp. Public Co. Ltd.’s solar power business in Vietnam “marks the beginning of a long-term collaboration.”

He told the stock exchange on Tuesday that the group “will continue to look for new opportunities to grow our portfolio and jointly develop renewable energy projects across ASEAN.”

ACEN said the acquisition will take four phases, with the first phase adding about 141 megawatts (MW) of attributable capacity to the company’s renewable energy portfolio in Vietnam. ACEN will then acquire 49% of the Super Energy platform to bring its renewable energy portfolio in Vietnam-Lao People’s Democratic Republic to 1,200 MW of attributable capacity.

ACEN said the remaining phases of the acquisition are expected to be completed this year at an estimated investment of $165 million.

Super Energy is the operator and owner of 837 MW of solar projects in Vietnam through Solar NT, which is a solar energy platform owned by Super Energy Group Hong Kong Co., Ltd.

Jormsup Lochaya, chairman and CEO of Super Energy, said the groups’ synergy will enhance the foreign firm’s “growth potential and strengthen the renewable energy business structure, which will support our strategic partnership in many areas, including capital, personnel, technology, and networks for additional investment opportunities in the future.”

In a separate regulatory filing, ACEN subsidiary ENEX Energy Corp. said the Department of Energy (DoE) granted the declaration of force majeure for its unit’s drilling operations in Service Contract (SC) 55.

ENEX said the DoE agreed to allow the request of its subsidiary, Palawan55 Exploration and Production Corp., for a force majeure relief due to the “operational and financial risks” associated with drilling operations in the West Philippine Sea (WPS).

It added that the department found a basis to place SC 55 under force majeure starting Dec. 6, 2022 “until such time that a clearance to proceed with exploration activities” in WPS has been issued by the national government. SC 55 is a deep-water block in the southwest Palawan Basin covering an area of 9,880 square kilometers.

At the local bourse on Tuesday, ACEN shares gained four centavos or 0.77% to end at P5.26 apiece, while ENEX shares fell by eight centavos or 0.86% to close at P9.18 each. — Ashley Erika O. Jose

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