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ACEN-backed solar venture moves closer to completion of Malaysian projects

Business | The Stock Market

ACEN-backed solar venture moves closer to completion of Malaysian projects

By Gabriell Christel Galang

Ayala-led ACEN Renewables International Pte. Ltd. (ACRI) and its joint venture with Singapore’s solar platform ib vogt Pte. Ltd. announced that their investments in Malaysian solar photovoltaic (PV) projects are nearing completion.

In a disclosure to the Philippine Stock Exchange on Wednesday, March 5, the joint venture firm, IBV ACEN Renewables Asia, disclosed that it is in the final stages of assessing and finalizing an investment of $13 million (approximately ₱750 million) in 80 megawatts (MW) of solar projects in Malaysia. This investment contributes to ACEN’s overall equity commitment of up to $200 million (around ₱11.5 billion).

IBV ACEN has set a target to achieve a minimum operational capacity of 1,000 MW of renewable energy (RE) across the Asia-Pacific region, with plans for potential future expansion.

The initial partnership, formed in April 2022, aims to fund the development and operation of large-scale solar power plants, focusing on projects in countries such as Indonesia, Vietnam, Malaysia, Laos, and Bangladesh.

A significant development occurred in late 2024 when IBV ACEN Renewables acquired a 49 percent stake in Sonagazi Sun Holdings Pte. Ltd., a Bangladesh-based holding firm that manages a 70 MW solar project. The acquisition price represented less than 10 percent of the holding firm’s book value.

ACEN continues to expand its RE portfolio outside the Philippines, currently managing 6.8 gigawatts (GW) of attributable renewables capacity through a combination of operational, under-construction, and committed projects in locations including Australia, Vietnam, Indonesia, Laos, and the United States.

Ib vogt is a global developer specializing in utility-scale PV projects, with a substantial project pipeline of approximately 40,000 MW.

Related Tags

Solar power ACEN Corporation

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