ACEN sets $13M for Malaysia projects
ACEN Corp. is pouring an additional $13 million into a joint venture with a German firm to pursue solar projects in Malaysia.
The Ayala Group’s energy company said the fresh investment forms part of its target contribution of up to $200 million in IBV ACEN Renewables Asia Pte. Ltd.
IBV ACEN Renewables Asia is its joint venture between ACEN Renewables International Pte. Ltd. and a Singapore-based subsidiary of Ib vogt GmbH, which is engaged in “shovel-ready projects” in Bangladesh, Laos, Cambodia, Vietnam, Indonesia, Malaysia and other countries in the Asia-Pacific region.
“The JV company is currently in the final stages of assessing and finalizing an investment in various solar PV (photovoltaic) project opportunities in Malaysia,” ACEN said in a filing at the local bourse Wednesday.
For this batch of clean energy projects in Malaysia, ACEN said they were looking at firing up about 80 megawatts (MW) of capacity.
In October last year, ACEN also provided a financial boost of up to $18 million for the joint venture to proceed with the development of a 70-MW solar project in Bangladesh.
The group said the joint venture has a target to operate at least 1,000 MW of energy capacity across the region.
Faster rollout
Earlier, they said the creation of the joint venture could help “accelerate the deployment of renewable energy in Asia.”
ACEN is one of the major players in the renewable energy sector, with the Philippines as its largest market.
Aside from its home country, ACEN also has operations in Australia, Vietnam, India, Indonesia, Lao PDR and the United States.
ACEN’s global renewables capacity currently stands at 6,800 MW—with 45 percent of the total already operating, 34 percent under construction and the rest already committed or green-lighted by its board.
With an aggressive rollout of developments here and abroad, the firm is confident of growing its portfolio to 20,000 MW by 2030.
For this year alone, ACEN is looking to lay out at least P70 billion, higher than the estimated P50 billion capital expenditures for 2024.
