US solar developer BrightNight has formed a partnership with the ACEN Corporation, a Filipino energy platform, to develop a 1GWac renewables portfolio in the Philippines.
The partnership will deploy more than US$1.2 billion over the next five years. In a statement, the companies said the investment from ACEN will provide BrightNight with resources to “fund its Philippines buildout and long-term growth in one of the fastest-growing markets in Asia”. Moreover, ACEN will provide a partnership network and expertise across the regional energy value chain.
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Currently, BrightNight is developing a global portfolio of 37GW across the US and the Asia-Pacific region (APAC). In APAC, BrightNight has a 3GW portfolio across India, South Asia, Australia and the Philippines. ACEN also has a significant presence in its core markets, including the Philippines, Australia, Vietnam, Indonesia and India, with a combined renewables capacity of about 4.8GW.
Prior to the latest investment, BrightNight formed a partnership with ACEN last year to ramp up the development of its 1.2GW renewables portfolio in India. Both parties will co-develop and build hybrid wind-solar projects, serving central and state utilities as well as commercial and industrial offtakers.
Earlier this year, BrightNight closed a US$375 million corporate credit facility, planning to build out its pipeline of solar and storage projects with a combined capacity of 31GW. BrightNight noted that the funding would be used to provide equipment deposits, letters of credit and funds for project buildout across its development pipeline but did not specify how the money would be split between its current projects.
ACEN also announced plans to develop solar projects in the Philippines. In August 2023, ACEN launched a plan to develop 1GW of floating solar PV (FPV) in Laguna in the northern Philippines. Through a renewable energy contract area utilisation (RECAU) agreement, the company secured an 800-hectare lease with the Laguna Lake Development Authority (LLDA) to develop FPV in Laguna Lake, the country’s largest freshwater lake.
| PV Tech publisher Solar Media will be organising the Solar Finance & Investment Asia Summit in Singapore, 24-25 September. The event will bring together the most influential leaders representing funds, banks, developers, utilities, government and industry across the Asia-Pacific region on a programme that is solutions-focused from top to tail. More information, including how to attend, can be read here. |
