ACEN Corp., through its subsidiary ACEN Renewables International (ACRI) has fully acquired ACEN Australia.
In a regulatory filing on Thursday, ACEN said ACRI has completed the acquisition of UPC Renewables Asia Pacific Holdings Pte. Ltd. (UPCAPH) shares in ACEN Australia.
ACEN, the Ayala-led renewable energy firm, said the second and final tranche of ACRI’s acquisition of ACEN Australia was completed on Wednesday, making ACEN Australia a wholly-owned subsidiary of ACRI.
“Please be informed that on Feb. 1, ACRI and UPCAPH signed an Instrument of Transfer for the transfer to ACRI of UPCAPH’s remaining 4,766 ordinary shares in ACEN Australia, formerly UPC-AC Renewables Australia,” ACEN said in a statement.
ACEN Australia is the joint venture holding company of ACRI and UPCAPH for ACEN’s energy projects and investments in Australia.
The acquisition would also result in ACEN’s full ownership of the 521-megawatt (MW) New England solar farm project and the 520-MW direct current Stubbo solar farm in Australia.
The New England solar farm project is expected to start operating this year. Last month, ACEN announced the start of construction activities for the Stubbo solar farm project.
ACEN will also acquire ACEN Australia’s projects that are currently in the pipeline, including New South Wales, Tasmania, Victoria, and South Australia.
In March 2022, the first tranche of the share acquisition was completed after ACRI, UPCAPH, and Anton Rohner, chief executive officer of ACEN Australia, separately signed instruments of transfer. This, transferred UPCAPH’s 7,150 ordinary shares in ACEN Australia to ACRI.
Shares in ACEN closed 2.67% lower to end at P7.30 apiece on Thursday. — A.E.O. Jose