Local renewable energy (RE) firm ACEN is set to beef up its portfolio as it expects to complete its acquisition of Sinocalan Solar Power Corp. (SSPC) within the month.
In a disclosure to the Philippine Stock Exchange yesterday, the company said the acquisition may be completed by December 15, subject to agreed conditions with Sungrow Power Renewables Corp. and Havilah AAA Holdings Corp.
SSPC is the developer of a solar power plant in Pangasinan that will have a capacity of around 60 megawatts(MW).
ACEN is yet to mention the amount involved in the acquisition but earlier said that a technical services agreement with Sungrow was made in relation to the project’s development.
Last month, ACEN announced its full divestment of the South Luzon Thermal Energy Corp. (SLTEC) coal plant using the energy transition mechanism (ETM) in the first ever such deal in the world worth P17.4 billion.
The company said the landmark transaction will enable the early retirement of the 246 MW coal plant in Batangas and as part of the ETM structure, the coal plant’s life of up to 50 years will be cut in half. ACEN commits to retire and transition the plant to a cleaner technology by 2040. –Jed Macapagal
