AC Energy Corp. (ACEN) is set to invest up to $200 million in a joint venture with Germany-led ib vogt to develop large-scale projects in Asia Pacific, the Ayala-led firm announced Monday.
ACEN said the venture targets a minimum operational capacity of 1,000 megawatts over the coming years, stemming from ib vogt’s Asia development pipeline of over 5,000 megawatts slated for construction this year.
“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 Patric Clausse said in a regulatory filing.
This was mirrored by ib vogt Chief Executive Anton Milner, who welcomed the partnership, saying it would boost the shift to renewable energy in the region.
“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 transaction to clean, sustainable energy in Asia,” he said.
“This platform will complement our global strategy of developing a diversified portfolio of high quality (independent power producers) assets,” Milner added.
ACEN has some 3,000 megawatts of attributable capacity in the Philippines, Vietnam, Indonesia, and Australia. Its renewable share of capacity is estimated at 80%.
It seeks to be the biggest listed renewables platform in Southeast Asia with a 5,000-megawatt renewables capacity target by 2025 and net-zero emissions by 2050.
Shares in ACEN were up by 9 centavos or 1.03% at P8.79 apiece as of 11:59 a.m. on Monday, April 4. —KBK, GMA News
AC Energy to spend up to $200M in venture to develop large-scale projects across Asia
Source: News Panda Philippines
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