MANILA, Philippines — ACEN Corp. announced Monday it received the approval of the US Federal Energy Regulatory Commission (FERC) for its purchase of eight wind power projects in Texas, sealing its entry to the US energy market.
The power unit of the Ayala Group made the announcement in a disclosure to the stock exchange.
Related Stories
Under the transaction, ACEN’s joint venture company, UPC Power Solutions LLC, would acquire 136 MW of wind assets from US-based GlidePath Power Solutions LLC.
UPC power and GlidePath signed the purchase agreement last March.
“With the FERC approval, UPC Power and GlidePath will proceed to complete the acquisition pursuant to their Purchase and Sale Agreement,” ACEN said.
ACEN has 4,000 megawatts (MW) of attributable capacity from owned facilities in the Philippines, Vietnam, Indonesia, India and Australia, with a renewable share of 98 percent, which is among the highest in the region.
The company aspires to be the largest listed renewables platform in Southeast Asia, with a goal of reaching 20 gigawatts of renewables capacity by 2030.