ACCIONA Energía, a subsidiary of Spanish infrastructure company ACCIONA, has agreed to purchase roughly 50 per cent of Singapore-based wind project developer the Blue Circle. In accordance with the conditions of the agreement, ACCIONA Energía will invest $34 million in the company and grow to be its largest shareholder. Additionally, it has committed $113.5 million to finance the projects that reach ready-to-build status.

With the agreement, ACCIONA Energía will be able to create, construct, and run projects for the first time in Southeast Asia. The company now has 1.4 GW of capacity in advanced stages of development and 84 MW of operational capacity in Vietnam. The Blue Circle has 3.8 GW of capacity in the development stage spread over the Philippines, Vietnam, Thailand, Cambodia, Cambodia, Indonesia, Laos, and Sri Lanka.

In July 2022, FORTIA and ACCIONA Energía signed a framework agreement for ACCIONA Energía to deliver 1 TWh of renewable energy annually. This corporate renewable power purchase agreement is in place for a period of five to ten years, and according to this, FORTIA would supply clean energy to 20 Spanish companies.

REGlobal’s Views: For ACCIONA, this deal gives the company an opportunity to tap the attractive emerging renewable energy market of Southeast Asia. Meanwhile, the transaction offers Blue Circle strong financial backing to implement new projects and expand its portfolio.