The Ayala group’s listed energy platform is making its first investment in the United States through a partnership with UPC Solar & Wind Investments LLC and Pivot Power Management (PPM).
The newly formed joint venture of AC Energy, UPC and PPM will pursue opportunities in the US wind power market in line with the Ayala Group’s goal to ramp up its renewable capacity to 5,000 megawatts by 2025.
It seeks to acquire operating wind projects in the US and explore strategies for extending their useful life through preventative maintenance and repowering.
ACEN International president and COO Patrice Clausse said the transaction is subject to usual and customary conditions precedent to closing.
“Our aspiration is for the US to become a priority market for ACEN outside of Philippines over time. This partnership will provide an exciting entry to the fast-growing US market, and we look forward to leveraging the combined expertise of ACEN and our new partners to make this a strong growth platform in the coming years,” Clausse added.
The new partnership will acquire operating wind projects across various geographies in the US.
It will also seek to upgrade and replace key components on target projects with the goal of extending project life and optimizing power generation.
To date, ACEN has deployed more than $200 million in each of its priority markets of Australia, Vietnam and Indonesia.