Jan. 24, 2024 – UPC Power Solutions, a joint venture between ACEN, PivotGen and UPC Solar & Wind Investments, announced today the completion of its purchase agreement with EDF Renewables North America. The closing of this agreement involves the purchase of the lessee interests in the 38 MW Chestnut Flats operating wind project located near Altoona, PA. EDF Renewables will continue to provide asset management and operations and maintenance services.
Established in April 2022, UPC Power Solutions is focused on acquiring operating wind projects in the US and exploring strategies for extending useful life and enhancing performance through preventative maintenance and new investment.
“The addition of this high-quality renewable asset will support our long-term strategy to build a diversified fleet of operating wind projects,” said Tim Rosenzweig, chief executive officer of UPC Power Solutions. “Our investment in Chestnut Flats will create economic opportunity and maintain jobs in the local community.”
With this acquisition, the ninth project and second M&A closing in 2023, UPC Power Solutions’ operating portfolio has grown to over 170 MW of renewable power generation across multiple states in the US.
ACEN
ACEN (PSE:ACEN) is the listed energy platform of the Ayala Group. The company has ~4,500 MW of attributable capacity from owned facilities in the Philippines, Australia, Vietnam, Indonesia and India, with a renewable share of 98%, 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.
www.acenrenewables.com
For inquiries and more information, please contact:
Iene Maranan
Head – Corporate Communications and Sustainability
Email: [email protected]
PivotGen
PivotGen is a developer of wind and solar energy projects throughout the United States. With a focus on creative problem solving, PivotGen develops new renewable energy generation projects and gives new life to older projects through repowering and refurbishment strategies. PivotGen’s team is committed to achieving a sustainable and renewable energy future and while maximizing economic impact and environmental benefit for our partners and the communities we serve.
www.pivotgen.com
For inquiries and more information, please contact:
Colin Mahoney
Mahoney Communications Group
Email: [email protected]
UPC Solar & Wind Investments, LLC
UPCSWI is the principal investment company of Brian E. Caffyn, a pioneer in the renewable energy development industry. Brian is the Chairman and majority investor of the UPC Renewables Group of Companies and has directed the development of Wind and Solar projects in the US, Canada, Europe, China, Philippines, Australia, India, Vietnam and Indonesia amongst other locations. Brian has over 28 years of experience in leading the UPC Renewables Group’s
development of utility scale energy projects (90 projects, 5.5 GW of installed capacity and a development pipeline of over +10GW).