ACEN Corporation has announced an investment of up to USD18 million in a 70-megawatt (MW) solar project in Bangladesh. The initiative will be executed through IBV ACEN Renewables Asia Pte. Ltd., a joint venture between ACEN Renewables International Pte. Ltd. and ib vogt (Singapore) Pte. Ltd.
In a statement released Thursday, ACEN said the investment will facilitate the acquisition of the project holding company and cover necessary capital expenditures. This forms part of ACEN’s broader plan to commit up to USD200 million equity in a facility of at least 1,000 MW across the Asia-Pacific region, with potential for future growth.
The company has already made significant strides towards its goal of achieving 5,000 MW of renewable energy (RE) capacity by 2025, with an attributable capacity of 4,700 MW from installed projects and another 1,000 MW secured through signed agreements or competitive tenders.
Looking ahead, ACEN aims to expand its RE capacity to 20,000 MW by 2030. The company is committed to providing clean, reliable, and affordable energy while targeting net-zero greenhouse gas emissions by 2050.
In addition to its initiatives in the Philippines, ACEN has ongoing projects in Australia, Indonesia, Vietnam, Laos, India, the United States, and Taiwan.
