Acciona Energia to buy into wind developer with 3.8-GW platform in Asia
The Dam Nai wind farm in Vietnam. Source: The Blue Circle
September 16 (Renewables Now) - Spanish renewables company Acciona Energia (BME:ANE) said on Thursday it has agreed to acquire a stake of close to 50% in Singapore-based wind project developer The Blue Circle, getting access to its 3.8-GW development portfolio in Southeast Asia.
Acciona will inject USD 34 million (EUR 34m) into the target so as to become its largest individual shareholder in a move that will enable it to build and operate projects in Southeast Asia for the first time.
Under the arrangement, the Spanish group will invest an additional USD 113.5 million to finance the target’s projects when they become shovel-ready.
“This opens a new growth opportunity for us with an experienced leader in the region [..],” said Rafael Mateo, CEO of Acciona Energia.
Set up in 2013, The Blue Circle has installed 84 MW of wind farms in Vietnam, which are co-owned with partners, and also has 3.8-GW of development projects in Vietnam, Thailand, the Philippines, Cambodia, Indonesia, Laos and Sri Lanka. More than 1.4 GW of the schemes are currently under advanced development. The Blue Circle’s founding partner, chairman and CEO, Olivier Duguet, and other minority shareholders will keep the controlling stake in the company.
Having Acciona Energia among its investors will enable The Blue Circle to access fresh financing and take advantage of the expected renewable energy boom in the region over the next few years.
Acciona Energia has set a goal of having 20 GW of installed capacity by 2025.
Veselina Petrova is one of Renewables Now's most experienced green energy writers. For several years she has been keeping track of game-changing events both large and small projects and across the globe.