BrightNight and ACEN Announce US $1.2B Capital Partnership in the Philippines to Advance BrightNight's Renewables Portfolio
The newly formed partnership plans to develop and construct 1 GWac of renewable power projects in the Philippines with an estimated capital deployment of US$1.2b over the next 5 years.
- Enables the development and construction of BrightNight's 1 GWac Philippines renewables portfolio with an estimated capital deployment of US$1.2b over the next five years
- Marks BrightNight's second partnership with ACEN in the Asia Pacific (APAC) region in the past 12 months
- Advances BrightNight's plans to build, operate, and own a multi-GW, multi-technology renewable power portfolio in APAC
WEST PALM BEACH, Fla. and MANILA, Philippines, March 10, 2024 /PRNewswire/ -- BrightNight, the next generation and global renewable power producer built to deliver clean and dispatchable solutions, today announced that it has formed a partnership with ACEN Corporation ("ACEN"), to advance the development, construction, and operation of BrightNight's initial 1.0 GW renewable power portfolio in the Philippines.
The newly formed partnership plans to develop and construct 1 GWac of renewable power projects in the Philippines with an estimated capital deployment of US$1.2b over the next 5 years. This is BrightNight and ACEN's second partnership and builds on the success of the one established in India in March 2023.
BrightNight brings its advanced Philippines portfolio, experienced local team led by Michael Yamazoe, and differentiated capabilities, including its AI-driven design and optimization software platform PowerAlpha®, to build and operate large scale, multi-technology renewable power plants.
Across the Asia Pacific region, ACEN has established a significant presence in its core market, the Philippines, Australia, Vietnam, Indonesia, and India with ~4.8 GW of attributable renewable capacity. ACEN aspires to reach 20 GW in renewables capacity by 2030.
"ACEN's leadership in the Philippines' renewables sector is unparalleled, and we are honored they have chosen to form a partnership with us to develop our portfolio of multi-tech and industry-leading next generation renewable solutions in their home market," BrightNight CEO Martin Hermann said. "They have demonstrated success in scaling and operating large fleets of renewable assets through strategic partnerships across the region, and our existing India partnership is already delivering tremendous value. This is another successful step in our expanding relationship."
ACEN's investment provides BrightNight with additional resources to fund its Philippines build-out and long-term growth in one of the fastest-growing markets in Asia. In addition, ACEN will provide its strong domestic presence, partnership network, and expertise across the regional energy value chain.
Patrice Clausse, ACEN Group Chief Investment Officer, said: "We deeply value our relationship with BrightNight and share a common goal of building higher capacity, hybridized renewable power solutions that deliver safe, affordable, reliable, and clean power. Our existing India partnership is a strong demonstration of this model, where we are building projects and winning customers. Bringing this partnership and these solutions to the Philippines is an exciting opportunity and aligns with our corporate strategy and commitment to serving our customers' needs."
BrightNight in APAC and the Philippines
BrightNight is developing a global portfolio of 37 GW across the U.S. and Asia Pacific. It is backed by some of the most respected investors in the global energy sector. In APAC, BrightNight has built a team of 70 with a 3 GW portfolio across India & South Asia, Australia, and the Philippines.
Led by APAC President and Managing Director Jerome Ortiz, BrightNight APAC is developing around the clock, renewable solutions in some of the fastest growing power markets in the world. Through its already established partnership with ACEN in India, BrightNight is currently executing its first 100 MW hybrid C&I project in Maharashtra, and recently won a 120 MW capacity from a tender held by NHPC Limited for flexible and dispatchable renewable energy with committed peak product, from one of its 350 MW wind, solar and BESS project in Rajasthan.
In the Philippines, the BrightNight team is led by industry veteran Michael Yamazoe with deep experience in the country building and operating renewable projects. He has been BrightNight's Country Head since 2021, and he has built a team and the foundations for BrightNight's fast expansion in the Philippines. Michael and his team will focus on building out and expanding the current 1.0 GW differentiated solar and storage portfolio.
"With ACEN's leadership and investment, we are establishing a strong and growing regional presence," BrightNight's APAC President and Managing Director Jerome Ortiz said. "I am confident in our team and differentiated capabilities, and the Philippines is a market with large potential and increasing clean power needs. I am also very pleased to strengthen and expand our relationship with ACEN in the region and I look forward to leading this new energy era with such a strong partner."
ABOUT BRIGHTNIGHT
BrightNight is the first global renewable integrated power company designed to provide utility and commercial and industrial customers with clean, dispatchable renewable power solutions. BrightNight works with customers across the U.S. and Asia Pacific to design, develop, and operate safe, reliable, large-scale renewable power projects optimized to better manage the intermittent nature of renewable energy. Its deep customer engagement process, team of proven power experts, and industry-leading solutions enable customers to overcome challenging energy sustainability standards, rapidly changing grid dynamics, and the transition away from fossil fuel generation.
To learn more about BrightNight, please visit www.brightnightpower.com
ABOUT ACEN
ACEN (PSE:ACEN) is the listed energy platform of the Ayala Group. The company has ~4,800 MW of attributable capacity from owned facilities in the Philippines, Australia, Vietnam, Indonesia and India, with a renewable share of 99%, which is among the highest in the region.
ACEN's aspiration is to be the largest listed renewables platform in Southeast Asia, with a goal of reaching 20 GW of renewables capacity by 2030. ACEN is committed to transition the company's generation portfolio to 100% renewable energy by 2025 and to become a Net Zero greenhouse gas emissions company by 2050.
To learn more about ACEN, please visit www.acenrenewables.com
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SOURCE BrightNight
