Ayala-led ACEN Renewables International Pte. Ltd. (ACRI) and its joint venture with Singapore’s solar platform ib vogt Pte. Ltd. have announced that their investments in solar photovoltaic projects in Malaysia are nearing completion. In a disclosure to the Philippine Stock Exchange on March 5, 2025, the joint venture firm, IBV ACEN Renewables Asia, reported that it is in the final stages of evaluating and finalizing an investment of $13 million (approximately ₱750 million) for 80 megawatts (MW) of solar projects in Malaysia. This investment is part of ACEN’s broader equity commitment of up to $200 million (around ₱11.5 billion).
IBV ACEN aims to achieve a minimum operational capacity of 1,000 MW of renewable energy across the Asia Pacific region, with plans for potential future expansion. The initial partnership, which was established in April 2022, focuses on funding the development and operation of large-scale solar power plants in countries such as Indonesia, Vietnam, Malaysia, Laos, and Bangladesh.
A noteworthy 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 oversees a 70 MW solar project. The acquisition price was less than 10 percent of the holding firm’s book value.
ACEN is actively expanding its renewable energy portfolio beyond the Philippines, currently managing 6.8 gigawatts (GW) of attributable renewable capacity through a combination of operational, under-construction, and committed projects in Australia, Vietnam, Indonesia, Laos, and the United States.
Ib vogt is recognized as a global developer specializing in utility-scale photovoltaic (PV) projects, boasting a substantial project pipeline of approximately 40,000 MW.
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