EC gets rid of Asia-Pacific solar endeavour of ib vogt, Ayala's ACEN
- The European Commission (EC) on Wednesday gave the green light to certain subsidiaries of German solar designer ib vogt GmbH and Philippine corporation the Ayala Group for the creation of 3 joint ventures with the purpose of realising solar projects in the Asia-Pacific region.
According to the EC announcement, this strategy will be executed by Singapore-based ib vogt Pte Ltd and also the Ayala-controlled ACEN Corporation and also ACEN Renewables International Pte Ltd, both of the Philippines.
The EU regulatory authority has actually figured out that the establishment of those JVs will certainly not increase competitors issues since they will have restricted activities in the European Economic Area. More particularly, their operations will concentrate on the marketplaces of Singapore, Taiwan and also the Philippines.
In April 2022, ib vogt and ACEN announced an arrangement to create a platform that will promote a minimum of 1 GW of large-scale solar projects across Asia in the coming years.