ACEN eyes $13 million solar projects in Malaysia

March 6, 2025 | 12:00am

MANILA, Philippines — Ayala-led ACEN is looking to further expand its footprint in Southeast Asia, planning to unlock solar power potential in Malaysia through a multimillion-dollar investment.

ACEN, through ACEN Renewables International Pte. Ltd., intends to invest in solar projects totaling around 80 megawatts (MW) with its Singapore-based partner, ib vogt (Singapore) Pte. Ltd.

IBV ACEN Renewables Asia Pte. Ltd., the joint venture company, is “currently in the final stages of assessing and finalizing an investment” in various solar projects in Malaysia, ACEN said.

The listed energy platform of the Ayala Group plans to invest about $13 million for this power venture.

The investment is part of ACEN’s planned equity infusion of up to $200 million into the joint venture to accelerate the rollout of renewable energy projects across Asia.

Last December, IBV ACEN Renewables Asia completed the acquisition of a 49-percent stake in the 70-MW Sonagazi solar power project in Bangladesh.

As previously disclosed, ACEN earmarked up to $18 million to fund the development of the project as part of the group’s aggressive global expansion.

These investments align with the joint venture’s target of achieving a minimum operational capacity of 1,000 MW by investing in shovel-ready projects in the region, with potential for future expansion.

Besides Malaysia and Bangladesh, ACEN and its Singaporean partner are keen to explore other promising green energy opportunities in Laos, Cambodia, Vietnam and Indonesia.

At present, ACEN has a global generation portfolio of around 6.8 gigawatts spanning operational, under-construction and committed projects.

On the other hand, ib vogt Singapore is an affiliate of Berlin-based ib vogt GmbH, a company focused on developing large-scale solar photovoltaic plants globally.