Latest news with #P2.083-billion
GMA Network
6 days ago
- Business
- GMA Network
Renewable firms ACEN, UPC start construction of 2 RE projects in India
Solar panels at Paryapt Solar, a joint venture between ACEN and UPC in India. Photo: Ayala-led ACEN Corporation and Singapore-headquartered UPC Renewables have broken ground on two major renewable energy projects in India that are expected to generate a combined 1,158 gigawatt hours (GWh) annually. The 420-megawatt solar farm in Barmer, Rajasthan is projected to produce 767 GWh annually, while the 120-megawatt wind farm in Karnataka is expected to deliver 391 GWh through harnessing monsoonal wind patterns and favorable terrain. The projects are slated to be completed early 2027, enough to power 241,000 homes and avoid over 876,000 tons of carbon emissions yearly. They are also expected to create over 1,500 green jobs during construction. 'These new projects represent not just scale, but momentum—as we continue to turn opportunities into action,' ACEN International chief executive officer and group chief investment officer Patrice Clausse said in a statement. The new projects will be on top of joint partnerships between ACEN and UPC in India: the 420-megawatt Masaya Solar, the 70-megawatt Paryapt Solar, and the 140-megawatt Sitara Solar. 'The projects are part of a broader pipeline of 1 GWp+ RE projects, which we aim to deliver over the next two years and plays a meaningful role in India's green energy transition,' UPC Renewables India chief executive officer Alok Nigam said in the same statement. Aside from India and its core market of the Philippines, ACEN also has presence in Australia, Vietnam, and Lao PDR, along with investments in Indonesia and other markets. ACEN ended the first quarter of 2025 with a P2.083-billion net income, down from P2.935 billion the same quarter last year, as revenues fell to P7.767 billion from P9.853 billion amid the lower generation in the Philippine market. — Jon Viktor D. Cabuenas/BM, GMA Integrated News
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GMA Network
29-05-2025
- Business
- GMA Network
ACEN takes 25% of Camarines Sur offshore wind project
Ayala Group's listed energy platform ACEN Corp. has inked an agreement to acquire a 25% minority stake in Copenhagen Infrastructure Partners' (CIP) Camarines Sur offshore wind project, which has a potential capacity of 1 gigawatt (GW). In a regulatory filing, ACEN said it signed definitive agreements with CIP's Growth Markets Fund II for the minority stake in the project that will be located close to the coast of San Miguel Bay in Camarines Sur, with abundant wind resources and shallow water depths. 'Offshore wind is poised to play a vital role in diversifying the country's energy mix. ACEN is pleased to partner with CIP, a global leader in the offshore wind sector. We look forward to collaborating on this trailblazing initiative,' ACEN president and chief executive officer Eric Francia said. The parties did not disclose the transaction value but said the acquisition is subject to applicable regulatory approvals. The project is in its pre-development stage, in anticipation of the Department of Energy's fifth round of the Green Energy Auction. 'Together with CIP's offshore wind expertise, we believe that ACEN's experience and domestic and international track record in project execution and stakeholder management will set a strong foundation for successful development of the Camarines Sur offshore wind project, including anticipated participation in the upcoming first offshore wind auction,' CIP's Growth Markets Fund II partner Robert Helms said. 'We are also working towards the ambition of making this one of the first operational offshore wind projects in the Philippines in line with the offshore wind targets set by the current Philippine administration,' he added. Founded in 2012, CIP manages 13 funds and has raised some €32 billion for investments in energy and association infrastructure from some 180 international institutional investors, with projects in over 30 countries. ACEN ended the first quarter of 2025 with a P2.083-billion net income, down from P2.935 billion the same quarter last year, as revenues fell to P7.767 billion from P9.853 billion amid the lower generation in the Philippine market. —VBL, GMA Integrated News
