ACEN Corp. said its subsidiary, ACEN Renewables International Pte Ltd. has secured all regulatory approvals and conditions for the planned joint venture company with Singaporean firm, ib vogt.
In a disclosure to the Philippine Stock Exchange yesterday, ACEN said the parties’ declared effective the shareholders’ agreement last Friday for the joint venture company that will be called IBV ACEN Renewables Asia Pte. Ltd. which aims to be a platform to fund large-scale solar power plants in Asia.
The planned joint venture was first announced by ACEN in April 2022 which the company said will focus on “shovel-ready projects” in Bangladesh, Laos, Cambodia, Vietnam, Indonesia, Malaysia and countries in the Asia-Pacific region with a minimum target operational capacity of 1,000 megawatts.
Eric Francia, ACEN chief executive officer, said in a television interview yesterday the capacity from the partnership will represent 5 percent of the company’s overall target to own 20,000 gigawatts (GW) worth of RE capacity by 2030.
“Our core strategy really is to focus our organic development efforts both in the Philippines and Australia where we have end-to-end capability from development to operations. But outside of those two core markets… we will continue to work with partners to further our expansion outside of our core market simply because we don’t have the bandwidth, the capacity to do all of these but we do want to participate in the regional or even global energy transition. we don’t want to spread ourselves too thinly so working with partners is a way to go,” Francia said. – Jed Macapagal
