AC Energy, NEFIN JV to Offer Carbon Neutrality Solutions Across Asia

AC Energy Corporation (ACEN), through its wholly-owned subsidiary, AC Renewables International (ACRI), has obtained board approval to enter into a joint venture with NEFIN Holding Limited (NEFIN), a leading solar photovoltaic developer and investor in carbon neutrality solutions.

August 06, 2021. By News Bureau

AC Energy Corporation (ACEN), through its wholly-owned subsidiary, AC Renewables International (ACRI), has obtained board approval to enter into a joint venture with NEFIN Holding Limited (NEFIN), a leading solar photovoltaic developer and investor in carbon neutrality solutions.

ACEN and NEFIN will establish a 50/50 joint venture holding company that will develop, construct, and operate rooftop solar projects across Asia.

The joint venture will own 21 MW of operating assets and has a robust near-term project pipeline. NEFIN, as an expert in rooftop solar PV system engineering and management, has collectively delivered over 300 MW of utility-scale, commercial, and industrial solar PV systems for itself and its clients.

Philippine-based power company, ACEN, has one of the highest renewables share capacities in Southeast Asia after pivoting to a lower carbon portfolio by developing more renewable energy projects, and a planned divestment of coal assets.

ACEN’s aspiration is to be the largest listed renewables platform in Southeast Asia, and the company is on track to achieve its goal of reaching 5,000 MW of renewables capacity by 2025.

The partnership between ACEN and NEFIN is a natural fit, with both businesses anchored on sustainability and with growing renewable energy capacity.

ACRI’s investment into the joint venture vehicle will be via a primary infusion of an initial US$ 10 million of fresh funds which will be used to construct near-term projects over the coming years.

ACRI will also commit to further expand its funding for the development and construction of the rest of the joint venture's carbon neutrality pipeline.

“We expect distributed power generation to be an increasingly important pillar of the global energy transition,” said Patrice Clausse, Director of ACRI and COO of ACEN. “We are delighted to announce our partnership with NEFIN in what will be AC Energy's first foray into rooftop solar projects as we look forward to roll out more projects throughout the region.”

Glenn Lim, CEO and co-founder of NEFIN, adds, “It is our pleasure to partner with ACEN, who shares the same vision with NEFIN. In the coming future, we will strive to achieve carbon neutrality with more global business partners using innovative methods to play our part to achieve a green recovery for a sustainable world together.”
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