German developer Ib Vogt and ACEN have agreed to set up a platform to fund the construction and operation of at least 1GW of solar plants throughout Asia, subject to applicable regulatory approvals.
The joint venture partners will focus on late-stage, shovel-ready projects in Indonesia, Vietnam, Malaysia, Laos, Bangladesh, and other countries in the region.
The majority of projects will stem from Ib Vogt’s Asia development pipeline of more than 5GW with initial projects planned to go into construction during 2022.
The platform will also be open to acquire late-stage projects from local and regional developers.
Under the terms of the deal, ACEN expects to invest up to $200m in equity as well as debt funding to accelerate the deployment of renewable energy in Asia.
Ib Vogt chief executive Anton Milner said: “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 the transition to clean, sustainable energy in Asia.
“This platform will complement our global strategy of developing a diversified portfolio of high quality IPP assets.”
ACEN International chief operating officer and president Patrice Clausse said: “ACEN has a strong history of partnering with best-in-class energy developers to build renewable energy projects across the Asia Pacific region.
“Ib Vogt has a proven track record of developing solar projects across Europe, Asia, and North Africa, and we are very excited to partner with Ib Vogt as we set up a platform to continue building out our presence across the region together.”