ACEN, ib vogt to establish asset platform for solar projects in Asia

The platform has a minimum operation capacity of 1,000MW.

Philippine firm ACEN and German company ib vogt will be setting up an asset platform with a minimum operation capacity of 1,000 megawatts (MW) that will fund the construction and operation of large-scale solar power plants across Asia.

In a joint statement, the companies said they will focus on late-stage, shovel-ready projects in Indonesia, Vietnam, Malaysia, Laos, Bangladesh and other countries in the region, adding that the platform will be open to acquire late-stage projects from local and regional developers.

The majority of the project will come from ib vogt’s development pipeline in the region of over 5,000MW, with initial projects set to start construction this year. The minimum operational capacity of 1,000MW has a possibility of being expanded, they said.

Under the deal, ACEN is expecting to allot up to $20m equity investment on top of the debt funding to speed  up renewable energy deployment in the region.

Anton Milner, CEO of ib vogt, said the platform will complement the company’s “global strategy of developing a diversified portfolio of high quality (independent power producer) assets.