A collaborative effort between ACEN Corp. and an affiliate of Berlin-based solar developer ib vogt GmbH has received full regulatory clearances, allowing the joint venture to advance its ambitions of developing expansive solar projects in the Asia-Pacific region.
ACEN announced through a stock exchange filing that its shareholders’ agreement with ib vogt (Singapore) Pte. Ltd., for the establishment of the joint venture entity IBV ACEN Renewables Asia Pte. Ltd., has been confirmed as effective, satisfying all regulatory requirements and conditions.
The partnership, initiated between ACEN and ib vogt in April of the previous year, aims to create a funding platform for the development of large-scale solar power installations in Asia.
IBV ACEN Renewables Asia is set to prioritize shovel-ready projects across Asian countries, including Bangladesh, Laos, Cambodia, Vietnam, Indonesia, and Malaysia, with a minimum operational goal of 1,000 megawatts (MW).
ACEN plans to invest up to $200 million in equity, alongside debt funding, as stipulated by the agreement, to accelerate the deployment of renewable energy initiatives in the region.
In a recent interview, ACEN’s President and CEO, Eric Francia, explained that while the core strategy remains focused on organic development in the Philippines and Australia, collaborations such as the one with ib vogt are vital for expansion beyond these primary markets.
ACEN aims to partake in the global energy transition but also recognizes the importance of strategic partnerships to avoid overextension. ib vogt Singapore, an affiliate of ib vogt GmbH, specializes in developing and delivering high-quality large-scale photovoltaic projects on a global scale.
