ACEN Corp. has broadened its overseas renewable energy (RE) portfolio with a significant investment in a 70-megawatt (MW) solar project in Bangladesh. In a regulatory filing, the company announced the finalization of a deal in which it will contribute up to USD18 million in a joint venture (JV) with international partners.
The move, first disclosed in October, sees ACEN subsidiary IBV ACEN Renewables Asia Pte. Ltd. acquire a 49 percent stake in the Sonogazi solar project from Sonagazi Sun Holdings Pte. Ltd. The JV is a collaboration between ACEN Renewables International Pte. Ltd. and ib vogt (Singapore) Pte. Ltd.
ACEN’s investment reflects the company’s ambition to enhance its global renewable energy footprint. The group’s equity contribution is expected to reach up to $200 million, helping push its goal of 1,000 MW operational capacity across the Asia-Pacific region, with further expansion opportunities in sight.
ACEN has already surpassed its target of 5,000 MW of RE capacity by 2025, with 4,700 MW of installed projects and 1,000 MW from signed agreements and competitive tenders. Looking ahead, the company aims to increase its RE capacity to 20,000 MW by 2030 and achieve net zero greenhouse gas emissions by 2050.
In addition to the Philippines and Bangladesh, ACEN’s growing renewable energy portfolio spans multiple countries, including Australia, Indonesia, Vietnam, Laos, India, the United States, and Taiwan.
This latest project further solidifies ACEN’s position as a leader in global clean energy investment.
