Solar developer ib vogt is partnering with the energy platform of Philippine conglomerate Ayala to develop large-scale PV projects in the Asia-Pacific region.
The new joint venture (JV) between Germany-headquartered ib vogt and ACEN – which recently changed its name from AC Energy – will develop at least 1GW of renewables capacity in the coming years, with potential for further expansion.
The partners will focus on late-stage, shovel-ready projects in markets such as Indonesia, Vietnam, Malaysia, Laos, Bangladesh, as well as other countries in the region, ACEN said.
Most projects will stem from ib vogt’s Asia development pipeline of more than 5GW, with construction on the first plants due to begin this year.
The platform may also acquire late-stage projects from local and regional developers, according to ACEN, which said it expects to invest up to US$200 million in addition to debt funding to accelerate the deployment of renewable energy in Asia.
After selling a majority stake in the company to fund manager DIF Capital Partners last October, ib vogt went on to secure up to €270 million (US$291 million) in financing to help it pivot towards a build-own-operate strategy for a gigawatt-scale portfolio of solar assets.
The developer said at the time that the facility is an “integral element” of its strategy of building an independent power producer (IPP) platform, with an initial focus on markets such as France, Italy, Spain, Ireland, the UK, Poland, Hungary and Canada.
Anton Milner, CEO at ib vogt, said the new JV will complement that strategy. “We are enthusiastic to be working with ACEN and are convinced that the combination of the unique skillsets and strengths of both parties will accelerate our ability to impact on the transition to clean, sustainable energy in Asia.”
For ACEN, formation of the JV comes after the company switched on the Philippines’ first hybrid solar-plus-storage installation earlier this year. That project features a 120MW solar farm paired with two battery energy storage systems with a 1.5-hour duration each, totalling 40MW/60MWh.
In addition to its home market, ACEN has a solar presence in countries such as India, Vietnam and Australia, where one of its JVs has been working on the hybrid New England Solar Farm, which will feature 720MW of PV when fully operational.