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ACEN acquires stake in Vietnamese renewables firm for $70.5m
This fuels the footprint of the Ayala-led firm.
The Philippines’ ACEN Corp., through its affiliate ACEN Vietnam Investments Pte. Ltd., has signed a share purchase agreement for the acquisition of a 49% stake in BIM Energy Holding Corporation (BIMEH) for $70.5m.
In a bourse filing, ACEN said the deal signed with Huntington Renewable Investments Limited will support the former's expansion in Vietnam.
BIMEH is the renewable energy unit of Vietnamese conglomerate BIM Group. It has interests in the 405 megawatt (MW) Ninh Thuan Solar, and 88 MW Ninh Thuan Wind projects.