ACEN Corp. has fully acquired its subsidiary, Real Wind Energy Inc. (RWEI) which serves as a special purpose vehicle for the development and construction of 500 megawatts (MW) worth of wind energy projects in Real, Quezon.
In a disclosure to the Philippine Stock Exchange yesterday, ACEN said it acquired the remaining 60 percent of RWEI and now fully owns the wind company after signing an agreement last Wednesday.
In a separate statement, ACEN said it also granted RWEI with a P70 million worth of loan facility to fund general corporate requirements.
ACEN as a group, is one of the fastest growing RE platforms in the Asia Pacific.
The company has effectively achieved its goal of reaching 5,000 MW of RE capacity by 2025, with attributable capacity representing 4,700 MW of installed projects and 1,000 MW of signed agreements or won competitive tenders.
ACEN aims to increase its renewable capacity to 20,000 MW by 2030 to help provide clean, reliable and affordable energy to more people and to also become a Net Zero greenhouse gas emissions company by 2050.
