Under the terms of the agreement, Acciona Energía will invest $34m in the company and become its largest individual shareholder.
It has also committed $113.5m to finance the projects that reach ready-to-build status.
The deal will allow ACCIONA Energía to develop, build and operate projects in South-East Asia for the first time.
ACCIONA Energía CEO Rafael Mateo said: “Following ACCIONA Energía´s investments in Australia, we are eager to join The Blue Circle to enter the renewable energy markets of South-East Asia.
“This opens a new growth opportunity for us with an experienced leader in the region and I am excited by the synergies between The Blue Circle and ACCIONA Energía that this transaction will enable.”
Established in 2013, The Blue Circle develops, finances and operates renewable energy projects.
The company has 84MW of operational capacity in Vietnam and more than 1.4GW of capacity currently in advanced stages of development.
Together in the Philippines, Vietnam, Thailand, Cambodia, Indonesia, Laos and Sri Lanka, The Blue Circle has 3.8GW of capacity in the development phase.
The Blue Circle chairman and CEO Olivier Duguet said: “We are extremely pleased to announce this strategic partnership with a pioneer and leader of renewable energy in the world.
“The Blue Circle has itself been a pioneer of wind power in Vietnam since 2017, developing projects in South-East Asia since 2013, establishing early leading positions in many relevant South-East Asia countries with a secured landbank of 94,475ha as of today.
“Joining forces with ACCIONA Energía at the inflection point of renewables penetration in the region will enable The Blue Circle to tackle the tremendous growth expected in the coming years.”