ACEN Renewables International Pte Ltd. and German firm ib vogt (Singapore) Pte. Ltd. on Tuesday declared effective the shareholder’s agreement for their joint venture company, IBV ACEN Renewables Asia Pte. Ltd. after securing regulatory approvals.
ACEN Corp. said in a disclosure to the Philippine Stock Exchange ib vogt’s and ACEN subsidiary ACRI signed an agreement to set up a platform to fund large-scale solar power plants in Asia.
“The joint venture will focus on shovel-ready projects in Bangladesh, Laos, Cambodia, Vietnam, Indonesia, Malaysia and other countries in the Asia Pacific region, with a minimum target operational capacity of 1,000 megawatts,” ACEN said.
ACEN earlier said it would invest $200 million in addition to debt funding to develop solar projects in Asia in partnership with ib vogt.
The majority of projects will stem from ib vogt Asia development pipeline of more than 5,000 MW. They are also open to acquiring late-stage projects from local and regional developers.
ACEN International president and chief operating officer Patrice Clausse earlier said ACEN has a strong history of partnering with best-in-class energy developers to build renewable energy projects across the Asia Pacific region.
“ib vogt has a proven track record of developing solar projects across Europe, Asia, and North Africa, and we are very excited to partner with ib vogt as we set up a platform to continue building out our presence across the region together,” said Clausse.
The Germany company has been developing more than 2,500 MW of solar power plants globally with a project pipeline of more than 40,000 MW.
ACEN is the listed energy platform of the Ayala Group. The company has about 4,400 MW of attributable capacity in the Philippines, Australia, Vietnam, Indonesia and India. The company aspires to be the largest listed renewables platform in Southeast Asia, with a goal of reaching 20,000 MW of renewables capacity by 2030.
