ACEN Corp. has added another international territory to its portfolio of global renewable energy (RE) projects.
In a disclosure to the Philippine Stock Exchange yesterday, ACEN said the move to invest up to $18 million in a joint venture firm involving its subsidiary to acquire stakes in a company that will develop a 70 megawatts (MW) solar project in Bangladesh has been finalized.
ACEN said all conditions for the transaction have been satisfied on Wednesday. This will be pursued by IBV ACEN Renewables Asia Pte. Ltd., the joint venture between ib vogt (Singapore) Pte. Ltd. and ACEN Renewables International Pte. Ltd.
The plan was first announced by ACEN last October.
ACEN said IBV ACEN Renewables Asia acquired 49 percent stake in the 70 MW Sonogazi solar project from Sonagazi Sun Holdings Pte. Ltd.
ACEN, as a group, is expecting a contribution of up to $200 million equity investment as it targets a minimum operational capacity of 1,000 MW across Asia Pacific with potential for future expansion.
ACEN has effectively achieved its goal of 5,000 MW of RE capacity by 2025, with attributable capacity representing 4,700 MW of installed projects and 1,000 MW of signed agreements or won competitive tenders.
The company aims to increase its RE capacity to 20,000 MW by 2030 to help provide clean, reliable and affordable energy to more people and to become a Net Zero greenhouse gas emissions company by 2050. Apart from the Philippines and Bangladesh, ACEN also has projects in Australia, Indonesia, Vietnam, Lao People’s Democratic Republic, India, United States and Taiwan.
