ACEN, ib vogt to develop 1 GW of large-scale solar projects in Asia

German solar developer ib vogt GmbH and Philippine power producer ACEN (PSE:ACEN) have struck an agreement to create a platform that will promote at least 1 GW of large-scale solar projects across Asia in the coming years.

In a statement on Monday, the joint venturers said that they will focus on late-stage, shovel-ready projects in Indonesia, Vietnam, Malaysia, Laos, Bangladesh, and other countries in the region.

Most of the projects will be sourced from ib vogt’s 5-GW-plus Asia development pipeline, the partners said. They added that their platform would not rule out acquisitions from local and regional developers.

As for the financial side of the agreement, ACEN expects to invest up to USD 200 million (EUR 181.7m) in equity investment and provide debt funding.

The goal of having 1 GW in operation is the minimum capacity that their joint venture (JV) will be targeting in the coming years. ACEN and ib vogt said that there is potential for further expansion.

(USD 1.0 = EUR 0.909)

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