ACEN enters Malaysia with $13-M solar investment
The joint venture targets at least 1,000 megawatts of operational capacity across the region, with potential for further expansion.
Daily TribuneThe joint venture targets at least 1,000 megawatts of operational capacity across the region, with potential for further expansion.
ACEN Corp., through its affiliate joint venture, IBV ACEN Renewables Asia Pte. Ltd., is entering the Malaysian energy market with a $13 million investment in solar projects.
In a Wednesday stock exchange filing, ACEN said IBV ACEN Renewables Asia — a partnership between ib vogt (Singapore) Pte. Ltd. and ACEN Renewables International Pte. Ltd. — is currently advancing plans for the Malaysian projects.
The investment is part of ACEN’s planned equity contribution of up to $200 million, with the joint venture targeting at least 1,000 megawatts (MW) of operational capacity across the region, with potential for further expansion.
Last December, ACEN announced a capital expenditure budget of up to P70 billion for this year, supporting its goal of reaching 20,000 MW in renewable energy (RE) capacity by 2030.
The company aims to complete 1,200 MW in RE capacity by the end of 2025, including projects in the Philippines, Lao PDR, and India.
ACEN expects several projects to be completed this year, including 146 MW from the Monsoon wind project in Lao PDR, 520 MW from the Stubbo solar project in Australia, 60 MW from a solar project in Pangasinan, 109 MW from the Stockyard wind project in Texas, 123 MW from a solar hybrid project in India, 160 MW from a wind project in Pagudpud, Ilocos Norte, and 57 MW from the Capa wind project, also in Pagudpud.
The company is working toward its goal of 20,000 MW in RE capacity by 2030 while aiming for Net Zero greenhouse gas emissions by 2050.
ACEN has a presence in Australia, India, Lao PDR, the United States, Indonesia, Vietnam, Bangladesh, and Taiwan.