Acen Corporation signed an agreement for the sale and purchase of Sinocalan Solar Power Corp from Sungrow Power Renewables Corp. and Havilah AAA Holdings Corp.

Acen Corporation (PSE:ACEN) signed an agreement for the sale and purchase of Sinocalan Solar Power Corp from Sungrow Power Renewables Corp. and Havilah AAA Holdings Corp. on November 29, 2022.

The transaction was approved by Acen Corporation Board during its meeting on September 28, 2022. Completion of the acquisition is expected to occur by December 15, 2022, subject to agreed conditions precedent, including regulatory approval. As of December 16, 2022, Acen Corporation has signed deed of absolute sale of shares with Sungrow Power Renewables Corp for the acquisition by Acen Corporation of Sungrow Power's 4400 class A Common Shares in Sinocalan Solar Power and signed deed of absolute sale of shares with Havilah AAA Holdings Corp for the acquisition by Acen Corporation of Havilah?s 600 Class B Common Shares in Sinocalan Solar Power.

The board of Acen Corporation has approved the transaction.