ACEN Corp.’s joint venture company UPC Power Solutions LLC has concluded the acquisition of the 38-megawatt (MW) Chestnut Flats wind project in Altoona, Pennsylvania, the renewable energy company announced on Wednesday.
In a stock exchange filing, the Ayala-led energy company said that UPC Power Solutions has successfully bought the leasing rights for the wind project from EDF Renewables North America.
“EDF Renewables will continue to provide asset management and operations and maintenance services,” ACEN said.
UPC Power Solutions is a joint venture involving ACEN, Pivot Power Management, and UPC Solar & Wind Investments LLC. It was established in April 2022, focusing on acquiring operating wind projects in the United States.
“The addition of this high-quality renewable asset will support our long-term strategy to build a diversified fleet of operating wind projects,” UPC Chief Executive Officer Tim Rosenzweig said.
“Our investment in Chestnut Flats will create economic opportunity and maintain jobs in the local community,” he added.
This acquisition marks ACEN’s ninth project and the second mergers and acquisitions closing in 2023.
With the latest acquisition, UPC Power Solutions’ operating renewable energy portfolio has grown to over 170 MW across multiple states in the United States.
Currently, ACEN has approximately 4,430 MW of attributable capacity spanning the Philippines, Vietnam, Indonesia, India, and Australia.
At the local bourse on Wednesday, shares in ACEN went up by four centavos or 0.97% to close at P4.18 apiece. — Sheldeen Joy Talavera