ACEN Corp. through a subsidiary will invest up to $18 million in a joint venture company that will put up a 70 megawatt (MW) solar power project in Bangladesh.
The company said in a statement yesterday the project 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.
ACEN said the investment will be used to acquire the relevant project holding company and funding for capital expenditure.
The venture is part of ACEN’s $200-million equity investment to achieve a minimum operational capacity of 1,000 MW across Asia- Pacific.
ACEN as a group has so far achieved its goal of 5,000 MW of RE capacity so far set by 2025, with attributable capacity representing 4,700 MW of installed projects and 1,000 MW of signed agreements or won competitive tenders.
