AC Energy Corporation (ACEN) has obtained board approval to enter into a joint venture with NEFIN Holding Limited (NEFIN), a solar photovoltaic developer and investor in carbon neutrality solutions, through its wholly-owned subsidiary, AC Renewables International (ACRI). ACEN and NEFIN will form a 50/50 joint venture holding company to develop, build, and operate rooftop solar projects throughout Asia.
The venture will own 21 MW of operating assets and will have a robust project pipeline in the near future. ACRI’s investment in the joint venture vehicle will be made through a primary infusion of $10 million in new funds, which will be used to construct near-term projects over the next few years. ACRI will also commit to increasing its funding for the development and construction of the joint venture’s remaining carbon neutrality pipeline.
ACEN and NEFIN have a strong commitment to sustainability that is in line with the United Nations Sustainable Development Goals. The joint venture, which is guided by ACEN’s Environmental & Social (E&S) policy of having a low carbon portfolio by 2030, protecting the environment, and investing in communities, and NEFIN’s emphasis on ESG principles in investments, plans to invest in socially responsible and commercially viable projects through innovative technological approaches that help corporations achieve a green recovery as the economy goes back to normal.
NEFIN has delivered over 300 MW of utility-scale, commercial, and industrial solar PV systems for itself and its clients. ACEN, a power company based in the Philippines, has one of the highest renewables share capacities in Southeast Asia after shifting to a lower carbon portfolio through the development of more renewable energy projects and the planned divestment of coal assets. ACEN and NEFIN’s collaboration is a natural fit, with both companies focused on sustainability and increasing renewable energy capacity.