Philippines’ ACEN spends $71 mln acquiring 49% at Vietnam’s BIM Energy
ACEN Corporation, a leading renewable energy business based in the Philippines, has spent $70.5 million on acquiring a 49% stake at Vietnam-based BIM Energy Holding Corporation.
In a Wednesday filing with the Philippine Stock Exchange (PSE), ACEN said its affiliate ACEN Vietnam Investments Pte. Ltd. has signed a share purchase agreement (SPA) with Huntington Renewable Investments for the acquisition.
A wind turbine of BIM Group. Photo courtesy of BIM Group.
The acquisition will allow ACEN to increase its pipeline projects in Vietnam. BIM Energy currently has ownership interest in two operational renewable energy assets, namely 405-MW Ninh Thuan Solar and 88-MW Ninh Thuan Wind, both in the central coastal province of Ninh Thuan.
According to BIM Energy, the renewable energy arm of Vietnamese multi-sector business BIM Group, the power projects can generate one billion of kWh and reduce 600,000 tons of carbon dioxide (CO2) annually.
BIM Energy plans to increase its reneweable energy portfoliio to one GW in 2025.
In 2023, Acen announced that it would acquire a 49% stake in Thailand-based Super Energy Corporation’s solar power business in Vietnam for $165 million. As of end-2023, Acen said it had completed the first phase of the move.
By end-2023, Acen had a portfolio of 754 MW of renewable energy in Vietnam.
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