AC Energy Corp. said Monday it is investing $200 million in a joint venture with ib vogt GmbH of Germany to develop solar projects across Asia.
ACEN and ib vogt plan to achieve a minimum operational capacity of 1,000 megawatts over the coming years, with the potential for further extension.
Under the terms of the deal, ACEN expects to invest up to $200 million in equity investment, on top of debt funding, to accelerate the deployment of renewable energy in the region.
The parties are looking at developing large-scale solar power plants in Asia. The joint venture partners said in a statement they would focus on late-stage, shovel-ready projects in Indonesia, Vietnam, Malaysia, Laos, Bangladesh and other countries in the region.
The majority of projects will stem from ib vogt’s Asia development pipeline of more than 5,000 MW with initial projects planned to go into construction in 2022.