ACEN, a power company based in the Philippines, and ib vogt, a German engineering firm, have agreed to enter into a joint venture (JV) to fund the construction and operation of nearly 1 GW of solar power facilities across the Asia-Pacific region. The proposed JV will operate in Bangladesh, Malaysia, Indonesia, Vietnam and other countries in the region to develop shovel-ready and late-stage projects. The majority of the projects will emerge from the Asian development pipeline of ib vogt, which has a combined capacity of over 5 GW.
The partners intend to buy late-stage projects from local and regional developers. Under the terms of the agreement, ACEN could invest up to $200 million in equity, in addition to financing, to help accelerate the deployment of renewable energy in Asia. The first solar power projects are planned to begin construction in the latter half of 2022.
ACEN is the listed energy platform of the Ayala Group. The company has over 3,800 MW of attributable capacity in the Philippines, Vietnam, Indonesia, India, and Australia. The company’s renewable share of capacity is at 87 per cent. In October 2021, ACEN announced its commitment to achieve net-zero greenhouse gas emissions by 2050. On the other hand, Ib vogt was founded in 2002 with the goal of developing and delivering large-scale turnkey solar projects all over the world. The company is a subsidiary of German firm Dagmar Vogt Vermögensverwaltungs.
REGlobal’s Views: Asia has become an attractive solar PV market for large investors and developers across the globe. Many developers like Ib vogt are flocking to these emerging markets for expanding their portfolios.
