Acen Corporation announced it will invest $20.57 million (USD 13 million) to support the development of approximately 80 MW of solar projects in Malaysia under the umbrella of the IBV Acen Renewables Asia joint venture (JV), a collaboration with the Singapore-based arm of ib vogt.
In a regulatory filing, Acen said the JV company is “currently in the final stages of assessing and finalising an investment” in various solar projects in Malaysia with about 80 MW aggregate capacity.
Acen said the investment is part of its planned equity infusion of up to $316 million into the JV to accelerate the rollout of large-scale solar power plants across the Asia Pacific, focusing on late-stage, shovel-ready projects.
The IBV Acen venture, formed in 2022, is targeting a minimum operational capacity of 1 GW across the region with potential for future expansion. Among the target markets are Bangladesh, Laos, Cambodia, Vietnam, Indonesia, and Malaysia.
Acen President and Chief Executive Officer Eric Francia has previously said that while the core strategy remains focused on development in the Philippines and Australia, collaborations such as the one with ib vogt are vital for expansion beyond these primary markets.
Acen has already established a strong presence outside of the Philippines, currently managing 6.8 GW of attributable renewables capacity with 3 GW in fully operational assets, 2.3 GW projects under construction and more than 1.4 GW in committed projects in locations including Australia, Vietnam, Indonesia, Laos, and the United States. Acen is aiming to reach 20 GW of renewable capacity by 2030.
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