Philippines Power Company ACEN has joined hands with German engineering firm ib vogt to work together for 1GW worth of solar power facilities.
The duo has already agreed to establish a joint venture to fund the construction and operation of power facilities.
The projects will be based across the Asia-Pacific region.
According to the companies, they will be developing projects in Bangladesh, Malaysia, Indonesia, Vietnam, Malaysia and other countries in the region. The projects will be of both shovel-ready and late-stage, depending upon the countries.
It has been reported that the company will purchase late-stage projects from local and regional developers.
ib vogt CEO Anton Milner remarked, “We are enthusiastic to be working with ACEN and are convinced that the combination of the unique skill sets 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 independent power producer assets.”
Under the agreement, "ACEN can go for equity investment of up to $200m, to expedite the deployment of renewable energy in Asia," a report mentioned.
Meanwhile, ACEN International president and COO Patrice Clausse remarked, “ACEN has a strong history of partnering with best-in-class energy developers to build renewable energy projects across the Asia-Pacific region.