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Saturday, December 3, 2022
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Baker advises Acciona Energia on 49% stake acquisition in The Blue Circle

Baker McKenzie advises Acciona Energia on its acquisition of a controlling stake in the Singaporean company The Blue Circle to expand its portfolio of projects under development and its geographic diversification

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Acciona Energy has reached a strategic agreement with The Blue Circle, a Singapore-based developer of wind projects in Southeast Asia. The agreement includes a US$34 million equity investment in The Blue Circle and a commitment of up to US$113.5 million to fund investment in the projects as they are ready for construction.

With this transaction, Acciona Energy acquires a stake of close to 50% of the capital of The Blue Circle and becomes its main shareholder. Through this investment, Acciona Energy enters Southeast Asia for the first time, where it will develop, build and operate renewable projects.

The Blue Circle has 84MW in operation in Vietnam – in which it holds a 50% stake – and more than 1.4GW at an advanced stage of development in the region. The total portfolio of projects under development amounts to 3.8GW and spans Vietnam, Thailand, the Philippines, Cambodia, Indonesia, Laos, and Sri Lanka.

“We are very 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, ensuring us a leading position with 94,475 hectares of land already secured to develop renewable projects. Joining forces with ACCIONA Energy just at the inflexion point of renewable deployment in the region will allow The Blue Circle to address the tremendous growth ahead,” said Olivier Duguet, President and CEO of The Blue Circle.

“Following Acciona Energy’s investments in Australia, we are very excited to join forces with The Blue Circle to enter the Southeast Asian renewable market. The agreement presents significant synergies and opens up a new growth opportunity with an established leader in the region,” said ACCIONA Energy CEO Rafael Mateo.

Founding partner and CEO Olivier Duguet and other minority shareholders will retain a majority stake in The Blue Circle. In addition, Olivier Duguet will continue as CEO of the company.

Founded in 2013, The Blue Circle identifies, develops, finances, and operates renewable energy projects, primarily wind. It has offices in Singapore, Ho Chi Minh City (Vietnam), Bangkok (Thailand), Phnom Penh (Cambodia), and Manila (Philippines).

Acciona Energy’s entry as a partner strengthens The Blue Circle’s access to financing for the execution of projects under development. ACCIONA Energy also brings its experience and track record in renewable technologies to accelerate The Blue Circle’s growth based on its strong local presence and knowledge of the market.

Acciona Energy is the world’s largest 100% renewable and fossil-free operator in the world, with an operational project portfolio of 11.2GW in 16 countries on five continents. The company is part of the ACCIONA Group, a leader in transport, construction, and water infrastructure, which already operates in the region, mainly in the Philippines.

For Acciona Energy, the investment in The Blue Circle represents its entry into several countries in the Asia-Pacific region with attractive growth prospects in the renewables sector through a company that is well established in the region and already has projects with a high degree of visibility. With this transaction, Acciona Energy expands its portfolio of projects under development and its geographic diversification and continues to progress towards reaching 20GW of installed capacity by 2025 and securing long-term growth in new countries with high potential.

Astris Finance and Asia Counsel acted respectively as financial and legal advisors to The Blue Circle. Baker McKenzie acted as legal advisor to ACCIONA Energy.

Baker McKenzie’s team was led by Singapur office partner Martin David and Madrid office partners Jose Moran, Antonio Morales, and Juanjo Corral. They counted on the support of senior associates Charles Magdelaine and Mark Tan and associate Thara Ing.

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