ACEN CORP. is expanding its global presence as its joint venture firm plans to invest $13 million (approximately P748 million) in the development of solar power projects in Malaysia with a total capacity of 80 mega-watts (MW).
IBV ACEN Renewables Asia Pte. Ltd. is in the final stages of assessing and finalizing an investment in various solar photovoltaic project opportunities in Malaysia, ACEN said in a stock exchange disclosure on Wednesday.
The investment is part of ACEN’s planned contribution of up to $200 million in equity to accelerate the deployment of renewable energy in Asia.
IBV ACEN Renewables Asia is a joint venture between ACEN Renewable International Pte. Ltd. (ACRI), a unit of ACEN, and ib vogt Singapore.
Ib vogt Singapore is an affiliate of ib vogt GmbH, a German company specializing in the development and delivery of large-scale turnkey photovoltaic plants.
The joint venture focuses on shovel-ready projects in Bangladesh, Laos, Cambodia, Vietnam, Indonesia, Malaysia, and other countries in the Asia-Pacific region, targeting a minimum operational capacity of 1,000 MW with potential for future expansion.
Last year, the company acquired a 49% stake in a 70-MW solar power project in Bangladesh. ACRI previously announced its plan to invest up to $18 million in the joint venture to facilitate the project’s construction.
The company’s expansion outside the Philippines follows recent developments in Australia through its subsidiary. ACEN Australia is set to develop an 800-MW pumped hydro project and a 400-megawatt-hour battery en-ergy storage system in the country.
ACEN, the listed energy platform of Ayala Corp., holds a portfolio of about 6.8 gigawatts of attributable renewable capacity in operation, under construction, and in committed projects.
The company has a presence in the Philippines, Australia, Vietnam, India, Indonesia, Laos, and the US.
At the local bourse on Wednesday, shares in the company fell 1.27% to close at P3.10 each. — Sheldeen Joy Talavera
