AYALA-LED ACEN Corp. said its subsidiary had agreed with Indonesian firm PT Dewata Megaenergi to look into possible renewable energy (RE) projects in Indonesia.

In a disclosure to the stock exchange on Tuesday, the company said its unit ACEN Indonesia Investment Holdings, Pte. Ltd. and PT Dewata Megaenergi signed a shareholders’ agreement on Sept. 8.

The two entities partnered to establish a joint venture platform named PT Dewata ACEN Renewables Indonesia that will “explore potential renewable energy projects within Indonesia.”

Earlier on Aug. 18, ACEN Indonesia’s agreement with another Indonesian firm PT Trisuya Mitra Bersama had been declared effective via a joint venture entity PT Puri Prakarsa Batam.

The partnership focuses on building large-scale solar power plants, battery energy storage systems, and green hydrogen projects in Indonesia.

Earlier this month, ACEN announced the partnership of another subsidiary ACEN Renewables International Pte. Ltd. with Singapore-based company Silverwolf Capital Ltd. to pursue solar projects in Taiwan through a joint venture platform called ACEN-Silverwolf Pte. Ltd.

ACEN is also targeting to build solar projects with a minimum operational capacity of 1,000 megawatts (MW) in Asia through its partnership with German solar developer ib vogt (Singapore) Pte. Ltd.

The joint venture involves shovel-ready projects in Bangladesh, Laos, Cambodia, Vietnam, Indonesia, Malaysia, and other countries in the Asia-Pacific region.

Last week, ACEN said it had raised P25 billion by issuing perpetual preferred shares, which is the first tranche of the company’s shelf registration of up to 50 million preferred shares. The funds are expected to hasten the company’s renewable energy expansion.

ACEN currently has around 4,200 MW of attributable capacity encompassing the Philippines, Vietnam, Indonesia, India, and Australia. It aims to expand its renewables portfolio to 20 gigawatts by 2030.

At the local bourse on Tuesday, shares of the company went down by 19 centavos or 3.87% to close at P4.72 each. — Sheldeen Joy Talavera