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.

A Strategic Alliance for Sustainable Energy

The collaboration is a significant step forward in advancing Indonesia's renewable energy sector. It builds on ACEN's existing investments in geothermal energy in Indonesia, with the company currently operating and developing a portfolio of 99 MW of capacity in the country.

The partnership is expected to drive a strong commitment to exploring and developing innovative energy projects in line with efforts to boost Indonesia's shift to a low-carbon economy.

ACEN and Barito Renewables likewise aim to lead the charge in the country's decarbonization goal to ensure the delivery of clean, reliable and sustainable energy amid growing demand.

A Shared Vision for a Greener Future

Both ACEN and Barito Renewables are committed to driving sustainable energy growth in Indonesia. The partnership signifies a shared vision for a greener future, with both companies playing a vital role in accelerating Indonesia's transition to a low-carbon economy.

The strategic collaboration will be facilitated through ACEN Indonesia Investment Holdings Pte Ltd and Barito Renewables' PT Barito Wind Energy. This alliance aims to leverage their respective strengths and expertise to unlock the full potential of wind energy in Indonesia.

A Legacy of Success and Ambition

ACEN, a company with a proven track record in renewable energy, is poised to expand its renewable energy capacity to 20 gigawatts by 2030. The company currently boasts a total attributable RE capacity of 4.8 GW across the Philippines, Australia, Vietnam, Indonesia and India.

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.

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.

A Commitment to Innovation and Sustainability

The partnership between ACEN and Barito Renewables is expected to drive a wave of innovation in Indonesia's renewable energy sector. The combined expertise of both companies will enable them to explore and develop innovative energy projects, contributing to the country's clean energy goals.

The strategic 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. These assets have a combined potential capacity of 320 megawatts (MW) and will include battery storage to improve grid stability.

Powering Up a Sustainable Future

The partnership between ACEN and Barito Renewables is a testament to the growing importance of renewable energy in Indonesia. The project is expected to not only contribute to the country's clean energy goals but also create new opportunities for economic growth and development.

The partnership represents a significant step towards realizing the mission of driving sustainable energy growth in Indonesia. This strategic move underscores the commitment to pioneering renewable energy solutions and contributing to a greener future.