NORWAY-BASED Ocean Sun AS said it had signed a non-binding memorandum of understanding (MoU) with ACEN-Silverwolf Pte. Ltd. to support the deployment of floating solar projects across selected Asian markets.
In a statement on Wednesday, ACEN Corp. said the partnership will focus on the development and deployment of utility-scale floating solar installations in freshwater reservoirs and inland water bodies.
ACEN-Silverwolf is the joint venture renewable energy platform of ACEN Renewables International Pte. Ltd. and financial advisory firm Silverwolf Capital Ltd.
The parties said they plan to enter into a binding agreement, subject to regulatory approvals and finalization of definitive documentation.
Under the collaboration, Ocean Sun will provide its patented floating solar technology and maritime expertise, while ACEN-Silverwolf will contribute renewable energy development and regional project experience.
“This MoU establishes a clear pathway to scale Ocean Sun’s floating solar technology together with a highly experienced renewable energy developer,” Ocean Sun Chief Executive Officer Kristian Tørvold said.
Ocean Sun said its floating solar technology uses photovoltaic modules placed directly on a flexible membrane floating on water.
“Ocean Sun brings a floating solar technology that has been developed and refined over many years, with a clear focus on robustness and suitability for freshwater installations,” ACEN-Silverwolf Chairman Kelvin Yuen said.
ACEN-Silverwolf and its group companies operate more than 100 megawatts of commercial and industrial renewable energy assets across China, Hong Kong, Malaysia, Thailand, and Singapore.
ACEN has 7 gigawatts of attributable renewable energy capacity across projects in operation, under construction, and with signed agreements.
The Ayala-led listed energy company has operations and investments in Australia, Vietnam, India, Lao PDR, Indonesia, and other markets.
Shares in ACEN declined by 4.62% or 15 centavos to close at P3.10 apiece on Wednesday. — Sheldeen Joy Talavera
