ACEN Corp. said Tuesday it has forged a partnership with Indonesian firm PT Barito Renewables Energy Tbk to develop more renewable energy projects in Indonesia.

The Ayala-led firm said this agreement will be executed through both parties' subsidiaries, ACEN Indonesia Investment Holdings Pte. Ltd. and PT Barito Wind Energy.

ACEN was to have acquired three late-stage wind development assets in South Sulawesi, Sukabumi and Lombok, which jointly offer a potential energy capacity of 320 megawatts of wind energy, supplemented by battery energy storage solutions.

Both companies expressed their optimism on their partnership as it will play a vital role in Indonesia's transition to a low-carbon economy.

"This exclusive partnership with Barito Renewables represents a bold step forward in our commitment to advancing Indonesia's renewable energy sector," ACEN Group Chief Investment Officer Patrice Clausse said.

"It not only aligns with our growth strategy in the region, but also exemplifies our dedication to fostering innovative and sustainable energy solutions," he added.

For his part, Barito Renewables Chief Executive Officer Hendra Tan said, "Our exclusive partnership with ACEN represents a significant step toward realizing our mission of driving sustainable energy growth in Indonesia. This strategic move underscores our commitment to pioneering renewable energy solutions and contributing to a greener future."

On Tuesday, ACEN'S share price rose by 25 centavos to close at P5.45 apiece.