ACEN Corporation's Unit will Invest Up to $18 Million in a Bangladesh Solar Project

IBV ACEN Renewables Asia Pte. Ltd. (a Joint Venture company), the JV company will focus on shovel-ready projects across the Asia Pacific region, with a minimum target operational capacity of 1,000 MW.

Acen Renewables International Pte. Ltd. (ACRI) intends to inject or invest up to USD18 million in IBV ACEN Renewables Asia Pte. Ltd. (the joint venture company) to ease the construction and implementation of a roughly 70 MW solar project in Bangladesh. The infusion or investment will be utilized to acquire the applicable project holding company and to support capital expenditures.

This investment is part of ACEN’s expected contribution of up to USD 200 million equity investment as the platform targets a minimum operational capacity of 1,000 MW across Asia Pacific with potential for future expansion.

IBV ACEN Renewables Asia Pte. Ltd. is a joint venture company of ib vogt (Singapore) Pte. Ltd. and ACEN Renewables International Pte. Ltd. The joint venture focuses on shovel-ready projects in Bangladesh, Laos, Cambodia, Vietnam, Indonesia, Malaysia, and other countries in Asia-Pacific, with a minimum target operational capacity of 1,000 megawatts.

ib vogt is a developer of renewable energy projects located in Berlin, Germany. The company specializes in the development, design, operation and maintenance, engineering, financing, and asset management of solar power plants that serve customers worldwide.

ACEN is the listed energy platform of the Ayala Group with a fast-growing presence in the Philippines, Australia, Vietnam, India, Indonesia, Lao PDR, and the U.S.A. With over 5 GW of attributable renewables capacity in operation and under construction, as well as signed agreements and won competitive tenders worth over 1 GW, the company has already effectively surpassed its original goal of reaching 5 GW of renewables by 2025.

ACEN aims to provide clean, reliable, and affordable energy in the Asia Pacific and grow its renewables capacity to 20 GW by 2030. The company is committed to achieving 100% renewable energy in its generation portfolio by 2025 and becoming a Net Zero greenhouse gas emissions company by 2050.​