ACEN Renewables International Pte. Ltd. (ACRI) plans to invest $18 million in IBV ACEN Renewables Asia Pte. Ltd., its joint venture company with German firm ib vogt (Singapore) Pte. Ltd. to fund the construction of a 70-megawatt solar project in Bangladesh.
“The infusion/investment will be used to acquire the relevant project holding company and funding for necessary capital expenditure,” ACEN said in a disclosure to the Philippine Stock Exchange Thursday.
ACEN said the investment is part of its expected contribution of up to $200-million equity investment as the platform targets a minimum operational capacity of 1,000 MW across Asia Pacific with potential for future expansion.
ACEN announced last year the shareholder’s agreement with ib vogt for the joint venture company became effective after securing regulatory approvals.
It said the joint venture would focus on shovel-ready projects in Bangladesh, Laos, Cambodia, Vietnam, Indonesia, Malaysia and other countries in the Asia Pacific region.
The majority of projects will stem from ib vogt Asia development pipeline of more than 5,000 MW.
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 German company has been developing more than 2,500 MW of solar power plants globally with a project pipeline of more than 40,000 MW.
