ACEN Vietnam Investment Pte. Ltd., an affiliate of ACEN Corp., has acquired a 49% stake within the Vietnamese renewable energy firm BIM Energy Holding Corp. (BIMEH) for $70.5 million (P4.15 billion) to expand its project portfolio within the country.
ACEN Vietnam recently signed a share purchase agreement with Huntington Renewable Investments Ltd., an organization specializing in renewable energy investments, to amass a stake in BIMEH, ACEN said in a regulatory filing on Wednesday.
“The acquisition will allow ACEN to extend its pipeline projects in Vietnam,” the local energy company said.
ACEN and BIMEH, the renewable energy platform for BIM Group, have three way partnership developments within the 405-megawatt (MW) Ninh Thuan Solar and the 88-MW Ninh Thuan Wind.
Ninh Thuan Solar began its industrial operations in 2019, while Ninh Thuan Wind began injecting power into Vietnam’s grid in 2021. Together, the facility projects are generating around 900 million kilowatt-hours of renewable energy per yr.
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 capability in operation, under construction, and committed projects.
The corporate operates across a various range of markets, including the Philippines, Australia, Vietnam, India, Indonesia, Laos, and the USA.
ACEN’s latest renewable energy plants that were operationalized earlier in 2024 continued to contribute significantly to generation output and, in turn, financial performance, in accordance with the corporate.
For the nine months ending in September, the corporate registered an attributable net income of P8.14 billion, higher by 23.9% from last yr’s P6.57 billion.
On the local bourse on Wednesday, ACEN shares fell 2.82% to shut at P4.13 each. — Sheldeen Joy Talavera
