Acciona Energia has reached a strategic agreement with south-east Asian wind developer The Blue Circle to become the main shareholder in the regional renewables player.
The agreement, which includes a $34m investment to enter into capital from The Blue Circle and a commitment of up to $113.5m to fund the developer’s projects through construction, gives Acciona Energia a stake of close to 50% of the capital of The Blue Circle.
The Blue Circle has 84MW operating in Vietnam, in which it maintains a 50% stake, and more than 1.4GW in an advanced stage of development in the region.
The total portfolio of projects under development amounts to 3.8GW and extends to Vietnam, Thailand, the Philippines, Cambodia, Indonesia, Laos and Sri Lanka.
“We are extremely pleased to announce this partnership with a pioneer and global leader in renewable energy.
“The Blue Circle has also been a pioneer in wind energy in Vietnam since 2017 and has been developing projects in Southeast Asia since 2013, which assures us a leading position with 94,475 hectares of land already secured to develop renewable projects.
“Joining forces with Acciona Energia right at the tipping point of the deployment of renewables in the region will allow The Blue Circle to address the tremendous growth that lies ahead,” said Olivier Duguet, President and CEO of The Blue Circle.
Founding partner Duguet and other minority shareholders will retain a majority stake in The Blue Circle, while Duguet will continue as CEO of the company.
The Blue Circle identifies, develops, finances and operates renewable energy projects, mainly wind.
It has offices in Singapore, Ho Chi Minh City (Vietnam), Bangkok (Thailand), Phnom Penh (Cambodia) and Manila (Philippines).
Acciona Energia is the largest 100% renewable operator with no fossil legacy in the world, with an operational project portfolio of 11.2GW in 16 countries on five continents.
The company is part of the Acciona group, a leader in transport, construction and water infrastructure, which already operates in the region, mainly in the Philippines.
With this transaction, Acciona Energia expands its portfolio of projects under development and its geographical diversification and continues to make progress to reach 20GW of installed capacity by 2025 and ensure its long-term growth in new countries with high potential.