ACCIONA Energia acquires nearly 50% in SG-based wind developer

This will enable the company to enter the Southeast Asian markets.

The Spain-based renewable energy firm, ACCIONA Energia, acquired close to 50% stake in The Blue Circle, a Singapore-based wind projects developer in Southeast Asia, for an investment of $34m, allowing it to develop projects in the region for the first time.

In a statement, ACCIONA Energia, which is now the largest individual shareholder at The Blue Circle, said it has also committed up to $113.5m to the finance capex of projects that already reached read-to-build status.

READ MORE: Asia’s offshore wind to reach over 100GW in 2031: report

The investment expands ACCIONA Energia’s projects portfolio and geographic diversification, and supports its target to reach 20 gigawatts (GW) of installed capacity by 2025. Its operational project portfolio is at 11.2GW across 16 countries.

The Blue Circle’s portfolio includes 84megawatts of installed operational capacity in Vietnam wherein it will still hold a 50% voting stake, and around 1.4GW projects at the advanced stage of development. Its pipeline under development in Vietnam, Thailand, the Philippines, Cambodia, Indonesia, Laos and Sri Lanka stands at 3.8GW.

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