The listed energy platform of Ayala Group of the Philippines, ACEN will launch a joint venture (JV) with German solar plants developer and EPC company ib vogt to fund the construction and operation of at least 1 GW of large scale solar projects in Asia Pacific.
They will focus on late-stage, shovel-ready projects in Indonesia, Vietnam, Malaysia, Laos, Bangladesh and other countries, with the majority of the projects taken from the German company's Asia development pipeline which it claims to equal to more than 5 GW. Initial projects are planned to enter construction within 2022.
Both the companies said they will also be open to acquiring late-stage projects from local and regional developers through the JV. Over the next few years, the new platform plans to expand the targeted minimum operational capacity from 1 GW now.
ACEN said it will invest up to $200 million equity investment in addition to debt funding to accelerate the deployment.
The German solar company sees this partnership as complementing its global strategy of developing a diversified portfolio of high-quality independent power producer (IPP) assets, while for ACEN the platform will help strengthen its presence across the region altogether. The Filipino company aims to have 5 GW renewable energy capacity in its portfolio by 2025, with half of it planned to come up in the Philippines.
ACEN has also announced commissioning of the 72 MW Arayat-Mexico Solar Farm in Mexico which it developed through a JV with Citicore. It is designed to generate 105 GWh of renewable energy annually. ACEN said the JV will break ground on phase 2 in April 2022 to expand the project's overall capacity to 116 MW with completion planned before the end of 2022.
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