The European Commission (EC) on Wednesday gave the green light to certain subsidiaries of German solar developer ib vogt GmbH and Philippine conglomerate the Ayala Group for the creation of three joint ventures with the purpose of realising solar projects in the Asia-Pacific region.
According to the EC announcement, this plan will be executed by Singapore-based ib vogt Pte Ltd and the Ayala-controlled ACEN Corporation and ACEN Renewables International Pte Ltd, both of the Philippines.
The EU regulator has determined that the establishment of those JVs will not raise competition concerns because they will have limited activities in the European Economic Area. More specifically, their operations will focus on the markets of Singapore, Taiwan and the Philippines.
In April 2022, ib vogt and ACEN announced an agreement to create a platform that will promote at least 1 GW of large-scale solar projects across Asia in the coming years.