Indonesia’s richest tycoon Prajogo Pangestu and Philippine billionaire Jaime Augusto Zobel de Ayala are teaming up to build wind projects and help Indonesia transition to a low-carbon economy.
The “exclusive” partnership with Pangestu’s PT Barito Renewables Energy will “accelerate the development of wind renewable energy projects across Indonesia,” Manila-based ACEN, the renewable energy arm of the Zobel de Ayala family’s Ayala Corp., said in a filing with the Philippine stock exchange.
The partnership will build on the acquisition of three strategically located late-stage wind development assets in South Sulawesi, Sukabumi and Lombok that was announced in January, according to ACEN.
The venture “aligns with ACEN’s growth strategy in the region” and will “contribute meaningfully to Indonesia’s clean energy goals,” said Patrice Clausse, group chief investment officer of ACEN.
Ayala started ACEN in 2011 with investments in thermal, wind and coal energy plants in the Philippines. The company has been building its solar assets and projects outside the Philippines to grow its renewable energy capacity to 20 gigawatts by 2030 from 4.8 gigawatts of attributable renewables capacity already in operation and under construction. Aside from Indonesia, ACEN has projects in Australia, Vietnam, India, Laos and the U.S.
“Our exclusive partnership with ACEN represents a significant step toward realizing our mission of driving sustainable energy growth in Indonesia,” Barito Renewables CEO Hendra Tan said.
Pangestu, who expanded into petrochemicals and energy after building his wealth from a timber company, is worth about $68.8 billion based on Forbes’ Real-Time Billionaires List. His fortune ballooned with the listing of Barito Renewables in October.
The Zobel de Ayala family, led by Jaime Augusto Zobel de Ayala, has $2.8 billion in net worth. The businesses owned by their listed holding company Ayala Corp. include a telecom, property and a bank that are among the biggest in the Philippines.
