AC Energy, ib vogt to invest in large-scale solar projects in Asia

AC Energy (ACEN) is linking up with German firm ib vogt to generate at least 1,000 megawatts (MW) of solar projects throughout Asia in the years ahead, it announced Monday.

“The joint venture partners will focus on late-stage, shovel-ready projects in Indonesia, Vietnam, Malaysia, Laos, Bangladesh, and other countries in the region,” said the Ayala-led renewable energy firm in a disclosure to the local bourse.

ACEN also expects to invest up to $200 million in addition to debt funding to speed up the deployment of renewable energy in the continent, it added.

The new venture aims to develop 1,000 MW in renewable capacity, “with the potential for further expansion,” it said.

The bulk of the projects will stem from ib vogt’s Asia development pipeline, which consists of over 5,000 MW of initial projects eyed to start construction this year.

This platform will also be “open to acquiring” late-stage projects from both local and regional developers, ACEN further explained.

“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 ACEN International president and chief operating officer Patrice Clausse.

ib vogt chief operating officer Anton Milner, meanwhile, said the combination of both companies’ skillsets and strengths will “accelerate” their ability to affect Asia’s transition to clean, sustainable energy.

“This platform will complement our global strategy of developing a diversified portfolio of high quality IPP (Independent Power Producers) assets,” added Milner.

Shares of ACEN finished at ₱8.86 apiece on Monday, up 1.84% from the previous close.

ACEN is the listed energy platform of Ayala Corp while Berlin-based ib vogt in energy and battery storage projects, among others.