Philippines-based power company ACEN and German engineering firm ib vogt have agreed to establish a joint venture to fund the construction and operation of nearly 1GW worth of solar power facilities across the Asia-Pacific region.
The proposed JV will focus on developing both shovel-ready and late-stage projects in Bangladesh, Malaysia, Indonesia, Vietnam, Malaysia and other countries in the region.
Most of the projects will be from ib vogt’s Asian development pipeline, which has a total capacity of more than 5GW.
The partners will also focus on purchasing late-stage projects from local and regional developers.
ib vogt CEO Anton Milner said: “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 transition to clean, sustainable energy in Asia.
“This platform will complement our global strategy of developing a diversified portfolio of high-quality independent power producer (IPP) assets.”
Under the terms of the deal, ACEN could make an equity investment of up to $200m, in addition to debt funding, to expedite the deployment of renewable energy in Asia.
The initial solar power projects are expected to enter the construction phase later this year.
ACEN International president and COO Patrice Clausse said: “ACEN has 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.”
Founded in 2002, ib vogt focuses on developing and delivering large-scale turnkey photovoltaic plants worldwide.
The company is a subsidiary of German firm Dagmar Vogt Vermögensverwaltungs.