Acciona Energia has gained stakes to become the shareholder in the regional renewables player.
For this, the company has reached a strategic agreement with south-east Asian wind developer The Blue Circle.
According to the agreement, it includes a $34m investment to enter into capital from The Blue Circle and a commitment of up to $113.5m to fund the developer’s projects through construction, the company statement read.
The latest development allows Acciona Energia to have a stake of close to 50% of the capital of The Blue Circle.
It has been reported that the Blue Circle has 84MW operating in Vietnam. The total portfolio of projects under development amounts to 3.8GW and extends to Vietnam, Thailand, the Philippines, Cambodia, Indonesia, Laos and Sri Lanka, the company stated.
Olivier Duguet, President and CEO of The Blue Circle, was quoted, “We are extremely pleased to announce this partnership with a pioneer and global leader in renewable energy. Joining forces with Acciona Energia right at the tipping point of the deployment of renewables in the region will allow The Blue Circle to address the tremendous growth that lies ahead.”
The Blue Circle is working in wind energy in Vietnam since 2017. It has been developing projects in Southeast Asia since 2013. The company identifies, develops, finances and operates renewable energy projects.
Meanwhile, Acciona Energia is the largest 100% renewable operator with an operational project portfolio of 11.2GW.
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