Ocean Sun AS and ACEN-Silverwolf Pte Ltd., a joint venture between ACEN Renewables International Pte. Ltd. (ACRI) and Silverwolf Capital Ltd., signed a memorandum of understanding (MoU) to establish a framework that will accelerate the former’s utility-scale floating solar project across selected Asian markets.
In a disclosure to the stock exchange on Wednesday, ACEN Corp. said Ocean Sun will leverage its patented technology and established maritime expertise to support this collaboration with ACEN-Silverwolf’s ‘strong credentials’ in renewable energy and regional project development experience.
‘This MoU establishes a clear pathway to scale Ocean Sun’s floating solar technology together with a highly experienced renewable energy developer. It supports our capital light licensing strategy in the utility segment and provides a structured route from pilot projects to utility scale deployment, particularly in competitive freshwater environments,’ said Kristian Torvold, CEO of Ocean Sun AS.
For ACEN-Silverwolf, chairman Kelvin Yuen said the MoU provides a structured way to support and deploy Ocean Sun’s technology.
‘Ocean Sun brings a floating solar technology that has been developed and refined over many years, with a clear focus on robustness and suitability for freshwater installations. For ACEN-Silverwolf, this is an important consideration as we assess technologies that can be deployed at scale across our portfolio.’
ACEN-Silverwolf and its group companies own and operate over 100 megawatts of commercial and industrial renewable energy assets across China, Hong Kong, Malaysia, Thailand, and Singapore.
Last April, ACEN reported that it delivered ‘resilient core performance’ in 2025. Core net income after tax reached P6.3 billion last year, up 4 percent year-on-year, while core attributable EBITDA went up by 17 percent to P22.5 billion.
‘Financially, 2025 presented a more challenging operating environment. Weather-related disruptions, including typhoons in the Philippines, affected asset availability. Lower irradiance in key markets and softer spot market conditions also weighed on generation and revenues. Accounting provisions further impacted reported earnings,’ said company president Eric Francia.