ACEN Corp. will venture into a new territory as its affiliate joint venture (JV) company is now in the final stages of assessing and finalizing an investment in various solar project oppor-tunities in Malaysia worth $13 million, the company said.
The company said in a disclosure to the Philippine Stock Exchange yesterday IBV ACEN Re-newables Asia Pte. Ltd, a JV between ib vogt (Singapore) Pte. Ltd. and ACEN Renewables International Pte. Ltd., will pursue the project.
ACEN added the amount is part of its expected contribution of up to $200 million equity in-vestment as the JV company targets a minimum operational capacity of 1,000 megawatts (MW) across Asia-Pacific with potential for future expansion.
There were no other details.
Last December, ACEN said it is allotting as much as P70 billion for capital expenditures this year.
