ACEN Vietnam Investment Pte. Ltd., an affiliate of ACEN Corp., has acquired a 49% stake in the Vietnamese renewable energy firm BIM Energy Holding Corp. (BIMEH) for $70.5 million (P4.15 billion) to expand its project portfolio in the country.
ACEN Vietnam recently signed a share purchase agreement with Huntington Renewable Investments Ltd., a company specializing in renewable energy investments, to acquire a stake in BIMEH, ACEN said in a regulatory filing on Wednesday.
“The acquisition will allow ACEN to increase its pipeline projects in Vietnam,” the local energy company said.
ACEN and BIMEH, the renewable energy platform for BIM Group, have joint venture developments in the 405-megawatt (MW) Ninh Thuan Solar and the 88-MW Ninh Thuan Wind.
Ninh Thuan Solar started its commercial operations in 2019, while Ninh Thuan Wind began injecting power into Vietnam’s grid in 2021. Together, the power projects are generating around 900 million kilowatt-hours of renewable energy per year.
BIM Group is a multi-sector corporation in Vietnam with interests in real estate, agriculture and food, renewable energy, and consumer services.
ACEN, the energy platform of the conglomerate Ayala group, holds about 6.8 gigawatts of attributable renewables capacity in operation, under construction, and committed projects.
The company operates across a diverse range of markets, including the Philippines, Australia, Vietnam, India, Indonesia, Laos, and the United States.
ACEN’s new renewable energy plants that were operationalized earlier in 2024 continued to contribute significantly to generation output and, in turn, financial performance, according to the company.
For the nine months ending in September, the company registered an attributable net income of P8.14 billion, higher by 23.9% from last year’s P6.57 billion.
At the local bourse on Wednesday, ACEN shares fell 2.82% to close at P4.13 each. — Sheldeen Joy Talavera