Germany-based ib vogt GmbH and Philippines-basedAC Energy (ACEN) have agreed to establish a joint venture (JV) company to finance the development of approximately 1 GW of large-scale solar projects across Malaysia, Indonesia, Vietnam and Laos in the Asia Pacific (APAC) region.
Most of the projects will be sourced from ib vogt’s Asia development pipeline which has a capacity of 5 GW. The JV company will also acquire late-stage solar projects from regional developers in the area. In this deal, ACEN is expected to invest up to USD200 million in equity investment and provide debt funding for the platform. Some of the initial solar projects in the pipeline are expectedto commence construction in 2022.