ACEN, ib vogt form solar platform in Asia

MANILA, Philippines — ACEN Corp. has partnered with German firm ib vogt to form a solar platform in Asia that will develop an initial capacity of 1,000 megawatts (MW).

In a disclosure to the Philippine Stock Exchange yesterday, ACEN said the platform would fund the construction and operation of large-scale solar power plants throughout Asia, subject to applicable regulatory approvals.

The joint venture partners will focus on late-stage, shovel-ready projects in Indonesia, Vietnam, Malaysia, Laos, Bangladesh, and other countries in the region.

Majority of the projects will come from ib vogt’s Asia development pipeline of more than 5,000 MW, with initial projects planned to go into construction this year.

“We are enthusiastic to be working with ACEN and are convinced that the combination of the unique skillsets and strengths of both parties will accelerate our ability to impact on the transition to clean, sustainable energy in Asia. This platform will complement our global strategy of developing a diversified portfolio of high quality IPP assets,” ib vogt CEO Anton Milner said.

ACEN said the platform would also be open to acquire late-stage projects from local and regional developers.

The venture targets a minimum operational capacity of 1,000 MW over the coming years, with the potential for further extension, ACEN said.

Under the terms of the deal, ACEN expects to invest up to $200 million in equity in addition to debt funding to accelerate the deployment of renewable energy in Asia.

“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,” ACEN International president and COO Patrice Clausse said.

ib vogt Singapore is an affiliate of ib vogt GmbH, a Berlin-based company focused on developing and delivering high-quality large-scale turnkey photovoltaic plants worldwide.

ib vogt has built or has in construction more than 2,500 MW of pv power plants globally, with a project pipeline of more than 40,000 MW.

ACEN aspires to be the largest listed renewables platform in Southeast Asia, with a goal of reaching 5,000 MW of renewables capacity by 2025.

The company has 3,800 MW of attributable capacity in the Philippines and across the region, of which 3,300 MW are renewable, putting the company in a strong position to reach its capacity target earlier than 2025.

ACEN has also commited to achieve net-zero greenhouse gas emissions by 2050.