ACEN Corporation is investing up to USD 18 million in a 70-megawatt (MW) solar project in Bangladesh as part of its strategic expansion in the Asia-Pacific region.
Philippine Star reported that the investment will be channeled through ACEN Renewables International Pte. Ltd. into IBV ACEN Renewables Asia Pte. Ltd., a joint venture with Singapore-based ib vogt (Singapore) Pte. Ltd.
ACEN added that the funds will be utilized to acquire the relevant project holding company and to finance essential capital expenditures.
In a strategic move to boost renewable energy initiatives in the region, ACEN aims to contribute an additional USD 200 million in equity to the joint venture, complementing its initial investment with debt financing to accelerate project implementation.
In April 2022, the Ayala Group’s publicly listed energy platform entered into a partnership with ib vogt Singapore for the development of large-scale solar power facilities throughout Asia.
IBV ACEN Renewables Asia aims to concentrate on shovel-ready projects in countries such as Bangladesh, Laos, Cambodia, Vietnam, Indonesia, and Malaysia, targeting a minimum operational capacity of 1,000 MW.
Currently, ACEN has around 4.8 gigawatts (GW) of attributable RE capacity under its belt, spanning the Philippines, Australia, Vietnam, Indonesia, and India.
Meanwhile, ib vogt has 4.3 GW-peak (GWp) of solar PV solutions completed or under construction globally, with a pipeline of projects exceeding 55 GWp.
