1 Gigawatt Renewable Portfolio for the Philippines Invested by BrightNight and ACEN
- June 17, 2024
ACEN, a subsidiary of the Ayala Group, teams up with US company BrightNight to invest $1.2 billion on 1 gigawatt’s worth of development and construction projects in the Philippines up to 2028.
BrightNight will receive the resources necessary to fund its build-out in the country and support its long-term growth through ACEN’s investment.
BrightNight CEO Martin Hermann says “ACEN’s leadership in the Philippines’ renewables sector is unparalleled, and we are honoured they have chosen to form a partnership with us to develop our portfolio of multi-tech and industry-leading next-generation renewable solutions in their home market.
“They have demonstrated success in scaling and operating large fleets of renewable assets through strategic partnerships across the region, and our existing India partnership is already delivering tremendous value. This is another successful step in our expanding relationship.”
ACEN aims to achieve 20GW of capacity by 2030 with an existing renewable capacity of 4.8GW across the Philippines, Australia, Vietnam, Indonesia and India.
ACEN Group chief investment officer Patrice Clausse adds, “Our collaboration with BrightNight reflects our shared ambition to develop superior, hybrid renewable energy solutions. The success of our joint projects in India, which are already winning customers and building capacity, serves as a solid foundation for our venture in the Philippines. This move is a strategic fit for ACEN and aligns with our dedication to meeting our customer’s energy requirements while upholding our environmental and social responsibilities.”
The two companies have previously partnered in March 2023 to develop a 1.2GW renewables portfolio in India, and their second collaboration promises the same success.
Hybrid wind-solar projects and corresponding energy storage facilities are being co-developed by the collaboration in order to supply electricity to state, central, commercial and industrial utility companies.
Source: BrightNight and ACEN link for 1GW Philippines renewable portfolio
