AC Energy to pour $200M into 1,000MW RE project

BY LENIE LECTURA – APRIL 4, 2022
from Business Mirror

AC Energy Corp. (ACEN), the listed energy platform of the Ayala group, will pour in $200 million to partly fund its newly-formed partnership with ib vogt GmbH of Germany which seeks to build up at least 1,000 megawatts (MW) of renewable energy (RE) capacity in the coming years.

ib vogt and ACEN have agreed to set up a platform to fund the construction and operation of large-scale solar power plants throughout Asia. They will focus on late-stage, shovel-ready projects in Indonesia, Vietnam, Malaysia, Laos, Bangladesh and other countries in the region.

The initial target is to build a minimum operational capacity of 1,000 MW with the potential for further extension. Under the terms of the deal, ACEN expects to invest up to $200 million equity investment, in addition to debt funding, to accelerate the deployment of RE in Asia.

The majority of projects will stem from ib vogt’s Asia development pipeline of more than 5,000 MW 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.

“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. This platform will complement our global strategy of developing a diversified portfolio of high quality IPP (Independent Power Producers) assets,” said Anton Milner, CEO of ib vogt.

ib vogt focuses on the global development of turnkey PV plants, the expansion of its IPP portfolio and the intensified development of battery storage projects. In these areas, the company offers all integral services of the value chain from development, financing, EPC (engineering, procurement and construction) and O&M (Operation and Management) to asset management in house.

ACEN, meanwhile, has over 3,800 MW of attributable capacity in the Philippines, Vietnam, Indonesia, India and Australia. The company’s renewable share of capacity is at 87 percent, among the highest in the region.

It wants to be the largest listed renewables platform in Southeast Asia, with a goal of reaching 5,000 MW of renewables capacity by 2025. In October 2021, ACEN announced its commitment to achieve net-zero greenhouse gas emissions by 2050.

“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,” ACEN International President and COO Patrice Clausse said.