ACEN bares joint venture proposal with Norway’s investment fund

MANILA, Philippines — The Ayala Corp’s listed clean energy platform bared its plan to enter into a joint venture with the Norwegian Investment Fund. 

In a disclosure sent to the Philippine Stock Exchange on Tuesday, ACEN Corp. said the proposed joint venture with Norfund involves investing in YMP Telecom Power Inc. 

The move was approved by ACEN’s executive committee. 

Details remain scarce, as ACEN confirmed that terms surrounding the joint venture proposal investment are still being finalized.

The joint venture will provide solar power to telecom towers in the country.  

Yoma Micro Power is a renewable energy firm based in Southeast Asia. The company has constructed 600 solar hybrid power plants, with clients ranging from telco operators, tower companies, commercial and industrial firms, and homeowners.

As it is, YMP is a joint venture owned by its parent, Myanmar-based conglomerate Yoma Group, the International Finance Corp. and Norfund.

Norfund is owned and funded by Norway, targeted at investing in developing countries. The investment fund has a portfolio with over $2.5 billion in commitments as of 2021. 

Shares in ACEN currently trade 0.58% up at P5.2 apiece as of 1:51 Tuesday afternoon. — Ramon Royandoyan