AC Power (ACEN)—a subsidiary of billionaire Jaime Zobel de Ayala’s Ayala Corp.—has agreed to purchase a 49% stake in Photo voltaic NT, a unit of Thailand’s Tremendous Power Corp. in Vietnam, for $165 million because the Philippines’ oldest conglomerate steps up its investments in renewable power throughout Asia.
The acquisition of Photo voltaic NT—which is able to personal and function 9 solar energy crops throughout Vietnam with a complete capability of roughly 837 megawatts—marks the start of a strategic partnership between ACEN and Tremendous Power. The duo plans to develop their renewable power footprint in Vietnam, whereas exploring different alternatives throughout Southeast Asia, AC Power stated in an announcement on Wednesday.
“Tremendous has completed loads in Vietnam, and we want to assist its photo voltaic growth in Vietnam and past by way of our partnership,” AC Power president and CEO Eric Francia stated within the assertion. “It will assist speed up ACEN’s aggressive renewables growth throughout the area.” Vietnam is one AC Power’s key markets within the area, having constructed photo voltaic and wind tasks within the nation.
The Vietnam deal comes simply days after ACEN and its accomplice UPC Photo voltaic Asia Pacific stated on Monday that they’re investing $220 million to construct a photo voltaic farm within the central Indian state of Madhya Pradesh. The 420-megawatt peak facility would be the duo’s third and largest photo voltaic venture within the nation the place AC Power.
AC Power has been stepping up its investments in photo voltaic power to attain its objective of changing into the most important listed renewable power platform in Southeast Asia. It has over 3,000 megawatts of attributable electrical energy producing capability throughout Australia, India, Indonesia, the Philippines and Vietnam, with one other 18,000 megawatts being developed organically and with varied companions throughout the area.
The corporate is about 72% owned by Ayala Corp., which traces its roots to the Spanish colonial period. In 1834, billionaire Jaime Zobel de Ayala’s grandfather began a distillery in Manila after which expanded into banking, motels, actual property and telecommunications.
Ayala, 87, was ranked the nation’s fifth-richest individual with a web price of $3.3 billion when the listing of the Philippines’ 50 Richest was printed in September. He retired in 2006, and his eldest son Jaime Augusto Zobel de Ayala, who had been the CEO of Ayala Corp. since 1994, succeeded him as chairman. Final yr, Fernando Zobel de Ayala took over as CEO, whereas his elder brother Jaime Augusto continues to function chairman. Fernando can be the chairman of AC Power.