ACEN Corp.’s Affiliate Acquires Stake in BIMEH for US$70.5-M, Boosts Presence in Vietnam

ACEN Corporation, the listed energy arm of the Ayala Group, is expanding its renewable energy (RE) footprint in Vietnam with the acquisition of a 49% stake in BIM Energy Holding Corp. (BIMEH)

The company’s affiliate, ACEN Vietnam Investments Pte. Ltd. (ACEV) signed a share purchase agreement (SPA) with Huntington Renewable Investments Limited (HRIL) to acquire a 49% stake in BIM Energy Holding Corporation (BIMEH).  Under the SPA, ACEV paid US$70.5 million for the acquisition.

The acquisition will allow ACEN to increase its pipeline projects in Vietnam. BIMEH currently has ownership interest in the following operating renewable energy assets: Ninh Thuan Solar (405MW) and Ninh Thuan Wind (88MW).

ACEN Corporation is the listed energy platform of the Ayala Group with a fast-growing presence in the Philippines, Australia, Vietnam, India, Indonesia, Lao PDR, and the U.S.A. With over 5 GW of attributable renewables capacity in operation and under construction, as well as signed agreements and won competitive tenders worth over 1 GW, the company has already effectively surpassed its original goal of reaching 5 GW of renewables by 2025.

ACEN aims to provide clean, reliable, and affordable energy in the Asia Pacific and grow its renewables capacity to 20 GW by 2030. The company is committed to achieving 100% renewable energy in its generation portfolio by 2025 and becoming a Net Zero greenhouse gas emissions company by 2050.​