ACEN, a renewable energy company within the Philippines’s Ayala Group, and Ib vog, a solar developer based in Singapore, have recived regulatory approvals to jointly establish a platform for financing large-scale solar power projects across Asia.
In a regulatory filing on Aug. 22, ACEN said the shareholders’ agreement, signed by its subsidiary ACEN Renewables International with Ib vogt in April, came into effect on the 18th.
ACEN had announced its partnership with the Singaporean company, focusing on “shovel-ready projects” in Bangladesh, Laos, Cambodia, Vietnam, Indonesia, Malaysia and other nations across the Asia-Pacific region.
These projects have a minimum target operational capacity of at least 1,000 MW in the coming year. Most of these would come from Ib vogt’s Asia development pipeline of more than 5,000 MW. The joint venture also plans to buy late-stage projects from local and regional developers.
ACEN said last year it would invest up to $200 million in equity on top of debt financing “to accelerate the deployment of renewable energy in Asia.”
The company aims to expand its renewable energy portfolio to 20 GW by 2030. It also keens to achieve net zero emissions by 2050. At present, ACEN’s total capacity stands at more than 4.4 GW in the Philippines, Vietnam, Indonesia, India and Australia.
ACEN has 1.1 GW of renewable projects under construction in the Philippines, with its CEO John Eric Francia saying earlier that 600 MW of these projects would begin commercial operations in the next months.
ACEN so far have tapped a P10 billion loan to bankroll its renewable expansion across Asia-Pacific, which forms part of the P32 billion fundraising plan announced in March. It likewise borrowed P8 billion from China Banking Corp. and Japan-based Mitsubishi UFJ Financial Group for the same purpose.
The company recently announced the leasing of an 800 hectare area on Laguna Lake to build its first large-scale floating solar project with a capacity of 1,000 MW.
