IBV ACEN Renewables Asia Pte. Ltd., a joint venture of ACEN Renewables International Pte. Ltd. (ACRI) and German firm ib vogt (Singapore) Pte. Ltd., is looking at solar investments in Malaysia.
ACEN Corp. said in a disclosure to the Philippine Stock Exchange Wednesday that IBV ACEN Renewables “is currently in the final stages of assessing and finalizing an investment in various solar PV project opportunities in Malaysia.”
The company is looking at an aggregate solar capacity of 80 megawatts, with investments of up to $13 million.
“This $13-million investment is part of ACEN’s expected contribution of up to $200 million equity investment as the JV Company targets a minimum operational capacity of 1,000 MW across Asia Pacific with potential for future expansion,” ACEN said.
ACRI previously announced plans to invest up to $18 million into IBV ACEN Renewables to fund the construction of a 70-MW solar project in Bangladesh.
ACEN said last year the joint venture would focus on shovel-ready projects in Bangladesh, Laos, Cambodia, Vietnam, Indonesia, Malaysia and other countries in the Asia Pacific region.
The majority of projects would stem from ib vogt Asia’s pipeline of projects under development of more than 5,000 MW. They are also open to acquiring late-stage projects from local and regional developers.
ACEN International president and chief operating officer Patrice Clausse earlier said ACEN had a strong history of partnering with best-in-class energy developers to build renewable energy projects across the Asia Pacific region.
“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,” said Clausse.
The German company has been developing more than 2,500 MW of solar power plants globally with a project pipeline of more than 40,000 MW.
