German solar developer ib vogt and ACEN [ACEN:PM], the listed platform of Philippine conglomerate Ayala Group [AC:PM], have set up a joint venture (JV) to develop large-scale photovoltaic (PV) projects in the Asia-Pacific (APAC) region, as reported by PV Tech on April 4. The JV will develop over 1 gigawatt (GW) of renewables capacity in the coming years, with the potential for further expansion. Specifically, the JV will focus on the ready-to-construct PV projects in the APAC region, mostly coming from ib vogt’s Asia development pipeline of more than 5GW. Moreover, the ACEN plans for acquiring late-stage projects from local and regional developers. It also expects to invest up to USD200m aside from debt funding to scale up its deployment of renewables in Asia.

Ib vogt secured USD291m of financing from fund manager DIF Capital Partners last November, aiming at building up its portfolio of solar assets. The German company initially targets PV installations in western countries such as France, Italy, Spain, and England, but it has shifted its focus to the market in Asia. As the developing countries in Asia are seeking affordable electricity while tackling climate change, the demand for renewables is booming. APAC’s investment in renewable energy generation by 2030 may double to USD1.3tr from the previous decade, according to estimation by Verisk [VRSK:US]’s energy consultation unit Wood Mackenzie. The consulting agency also forecasted the solar capacity in the APAC region could triple to 1,500 GW by 2030 with a significant decline in PV generation costs.

Sources:

https://www.reuters.com/article/us-singapore-energy-solar-idUSKBN1XA1KJ

https://www.woodmac.com/press-releases/asia-pacific-solar-pv-capacity-to-triple-to-1500-gw-by-2030/

https://www.reuters.com/business/sustainable-business/asia-pacific-renewable-investments-double-13-trillion-by-2030-woodmac-2021-06-22/

https://www.pv-tech.org/ib-vogt-acen-form-joint-venture-to-develop-utility-scale-solar-in-asia-pacific/