ACEN Corp ties up with Australia’s Aboriginal group to develop renewable energy

July 18 (Reuters) – Philippine energy company ACEN Corp (ACEN.PS) said on Tuesday it had partnered with Australia’s Yindjibarndi Aboriginal Corporation (YAC) to develop a renewable energy project in the Pilbara region of Western Australia.

The partnership, known as the Yindjibarndi Energy Corporation (YEC), would develop renewable energy projects with a capacity of up to 3 gigawatts (GW).

The initial goal of the YEC is 750 megawatts (MW) of combined wind, solar, and battery storage under construction within the next few years. This would represent an investment of A$1 billion ($682.00 million).

“The agreement with ACEN means that the Yindjibarndi people can actively participate in Australia’s renewable energy transition in a significant way that provides long-term economic benefits to our community,” YAC Chief Executive Michael Woodley said.

ACEN, a subsidiary of Philippine conglomerate Ayala Group, aspires to be the largest listed renewables platform in Southeast Asia, with a goal of reaching 20 GW of renewables capacity by 2030.

($1 = 1.4663 Australian dollars)

Reporting by Harish Sridharan in Bengaluru; Editing by Rashmi Aich

Our Standards: The Thomson Reuters Trust Principles.

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