MANILA, Philippines — The renewables arm of ACEN Corp. has teamed up with Indonesia-based Barito Renewables to acquire wind projects under development in the Southeast Asian neighbor.
In a statement, ACEN said ACEN Renewables International – through its subsidiary ACEN Investments HK Limited (ACEN HK) – and Barito Renewables’ unit PT Barito Wind Energy signed a sale and purchase agreement (SPA) with UPC Renewables Asia Pacific Holdings for the acquisition of late-stage wind development assets in Indonesia.
Under the deal, Barito Wind will own 51 percent of the three development assets, while ACEN HK will own the remaining 49 percent.
The three late-stage wind development assets with a combined capacity of 320 megawatts (MW) are located in South Sulawesi (Sidrap 2), Sukabumi and Lombok provinces in Indonesia.
ACEN International CEO Patrice Clausse said Indonesia was the group’s first foray outside of the Philippines, underlining its strategic importance in ACEN’s growth story.
“As a leading player in the renewable energy sector, this significant agreement with Barito Renewables and UPC Renewables marks another milestone in our journey. The potential acquisition aligns perfectly with our growth strategy, particularly in expanding our wind energy footprint in Asia-Pacific,” he said.
Barito Wind and ACEN are also in discussions to form a long-term partnership to collaborate on additional wind energy projects in Indonesia beyond the three late-stage wind development assets.
“Our investment into Sidrap 2, Sukabumi and Lombok, together with our esteemed partner, ACEN, positions us best to tap into Indonesia’s vast wind energy potential and contribute to the country’s renewable energy landscape. Barito Renewables remain steadfast in supporting Indonesia’s pursuit of a net zero future and delivering clean energy locally and globally,” Barito Renewables CEO Hendra Tan said.
ACEN said it shares the same decarbonization initiatives with Barito toward helping Indonesia reach its renewable energy targets, aligned with the country’s net zero goal.
Barito, through its subsidiary, Star Energy, is also ACEN’s partner in the 663-MW Salak and Darajat geothermal plant in West Java, Indonesia.
Indonesia has pledged to reach net zero emissions by 2060, which includes a commitment to increase the country’s renewable energy output to 23 percent by 2025.
The country has also introduced its sustainable energy transition plan in the G20 Summit in Bali last year and was welcomed by the international community.