Renewable energy firm ACEN is partnering with Florida-based BrightNight to advance the development, construction, and operation of BrightNight’s renewable power portfolio in the Philippines.
The partnership plans to develop and construct 1.0 gigawatts alternating current (GWac) of renewable energy projects in the Philippines with an estimated capital deployment of $1.2 billion over the next five years, ACEN said in a recent news release.
ACEN said its investment provides BrightNight with additional resources to fund its build-out in the country and long-term growth in one of the fastest-growing markets in Asia. In addition, ACEN will provide “its strong domestic presence, partnership network, and expertise across the regional energy value chain”, it outlined.
BrightNight CEO Martin Hermann said, “ACEN’s leadership in the Philippines’ renewables sector is unparalleled, and we are honored they have chosen to form a partnership with us to develop our portfolio of next generation renewable solutions in their home market. They have demonstrated success in scaling and operating large fleets of renewable assets through strategic partnerships across the region, and our existing India partnership is already delivering tremendous value. This is another successful step in our expanding relationship”.
Patrice Clausse, ACEN Group chief investment officer, said, “Our collaboration with BrightNight reflects our shared ambition to develop superior, hybrid renewable energy solutions. The success of our joint projects in India, which are already winning customers and building capacity, serves as a solid foundation for our venture in the Philippines. This move is a strategic fit for ACEN and aligns with our dedication to meeting our customer’s energy requirements while upholding our environmental and social responsibilities”.
In March 2023, ACEN, through its subsidiary ACEN Renewables International Pte. Ltd. (ACRI), formed a 50-50 partnership with BrightNight to develop, construct, and operate around 1.2 GW of large-scale hybrid wind-solar and round-the-clock renewable power projects in India. In an earlier news release, ACEN said it aims to deploy $250 million equity plus related performance guarantees to support BrightNight’s existing portfolio and future growth.
ACEN and its partners own a solar farm portfolio of 630 megawatts direct current (MWdc), or 450 MWac, of operating and under construction assets in India. BrightNight brings its advanced India portfolio, experienced local team, and differentiated capabilities to develop and optimize large scale, multi-technology hybrid renewable power plants.
Clausse said in an earlier statement, “With this partnership, we are significantly strengthening our foothold in India’s fast-growing market as we shift from pure solar play to multi-technology renewables. We look forward to working with BrightNight’s highly experienced local team as our combined expertise will help India progress towards their energy transition goal and spur the global transition towards a Net Zero economy”.
ACEN is targeting to reach 20 GW of renewable capacity by 2030 and has approximately 4.8 GW of attributable renewable capacity across key markets such as the Philippines, Australia, Vietnam, Indonesia, and India.
ACEN is the Philippine-listed energy platform of the Ayala Group. Founded in 1834, Ayala Corporation is one of the largest conglomerates in the Philippines with core interests in real estate, banking, telecommunications, and power.
To contact the author, email rocky.teodoro@rigzone.com
What do you think? We’d love to hear from you, join the conversation on the Rigzone Energy Network.
The Rigzone Energy Network is a new social experience created for you and all energy professionals to Speak Up about our industry, share knowledge, connect with peers and industry insiders and engage in a professional community that will empower your career in energy.