Acciona Energy has reached a strategic agreement with The Blue Circle, a developer of wind projects in Southeast Asia based in Singapore. The deal includes a investment of 34 million dollars to enter the company’s capital and a commitment of up to 113.5 million to finance investment in projects as they are ready to build. With this operation, the Spanish company acquires a participation close to 50% of the capital of The Blue Circle and becomes its main shareholder. Through this investment, it lands for the first time in the emerging market of Southeast Asia.
The founding partner and CEO of The Blue Circle, Olivier Duguet, and other minority shareholders will maintain a majority stake in the company, although Acciona Energía is the largest shareholder after the operation, and Duguet will continue as CEO. “We are extremely pleased to announce this partnership with a pioneer and world leader in renewable energy. The Blue Circle has also been a pioneer in wind energy in Vietnam since 2017 and has been developing projects in Southeast Asia since 2013, which ensures us a leadership position with 94,475 hectares of land already secured to develop renewable projects. Joining forces with Acciona Energia right at the tipping point of renewables deployment in the region will allow The Blue Circle to address the tremendous growth ahead,” said Duguet.
Activate Energy will develop, build and operate renewable projects in Southeast Asiaafter his entry into The Blue Circle, which it has 84 megawatts (MW) operating in Vietnam (in which it maintains a 50% stake) and more than 1.4 gigawatts (GW) in an advanced stage of development in the region. Their total portfolio of projects under development amounts to 3.8 GWwhich are spread across Vietnam, Thailand, the Philippines, Cambodia, Indonesia, Laos and Sri Lanka.
According to the CEO of Acciona Energy, Rafael Mateo, “after the investments in Australia, we are very excited to join forces with The Blue Circle to enter the renewable market in Southeast Asia. The agreement presents important synergies and opens a new opportunity for growth with a consolidated leader in the region”.
With this transaction, Acciona Energy expands its portfolio of projects under development and its geographical diversification and continues to advance to reach 20 GW of installed power in 2025 and ensure its long-term growth in new countries with high potential.
Founded in 2013, The Blue Circle identifies, develops, finances and operates renewable energy projects, mainly wind power, and has offices in Singapore, Ho Chi Minh (Vietnam), Bangkok (Thailand), Phnom Penh (Cambodia) and Manila (Philippines). In the operation, Astris Finance and Asia Counsel have acted, respectively, as financial advisor and legal advisor to The Blue Circle; while Baker McKenzie has been the legal adviser of Acciona Energía.