AC Energy, controlled by ultra bilyonaryo Jaime Zobel de Ayala’s Ayala Corp., has set up a new joint venture with German firm ib vogt to produce 1,000 megawatts of solar power in Asia.
Under the partnership, ACEN will invest up to $200 million in addition to debt funding to develop large-scale solar power projects in Asia-Pacific with the potential for further expansion.
The joint venture will focus on late-stage, shovel-ready projects in Indonesia, Vietnam, Malaysia, Laos, Bangladesh, and other countries in the region.
The majority of projects will stem 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,” said Anton Milner, CEO of ib vogt.
“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 Patrice Clausse, president and COO of ACEN International.
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