ACCIONA ENERGÍA AND THE BLUE CIRCLE PARTNER TO DRIVE GROWTH IN SOUTHEAST ASIA

ACQUISITION

ACCIONA Energía agrees to enter into a strategic partnership with The Blue Circle as its platform and main partner to develop, build and operate its pipeline of projects in Southeast Asia

3.8GW PORTFOLIO

The Blue Circle has 84MW in operation and 3.8GW of wind projects under development in Vietnam, Thailand, Philippines, Cambodia, Indonesia, Laos, and Sri Lanka

MADRID, SEPTEMBER 14, 2022. ACCIONA Energía, the world's largest 100% renewable power company with no fossil legacy, has agreed to enter into a strategic partnership with The Blue Circle, a Singapore-based leading developer of wind projects in the Southeast Asia region. The transaction includes a US$34 million investment to enter the capital of The Blue Circle and a commitment of up to US$113.5 million to finance capex of projects that reach ready-to-build status.

Through this transaction, ACCIONA Energía acquires a close-to 50% stake in The Blue Circle and becomes its largest individual shareholder. Thanks to this investment, ACCIONA Energía will develop, build and operate projects in Southeast Asia for the first time.

The Blue Circle has an installed operational capacity of 84MW in Vietnam –in which it maintains 50% voting stake–, and +1.4GW at an advanced stage of development. The total portfolio under development amounts to 3.8GW in Vietnam, Thailand, the Philippines, Cambodia, Indonesia, Laos, and Sri Lanka.

“We are extremely pleased to announce this strategic partnership with a pioneer and leader of renewable energy in the world. The Blue Circle has itself been a pioneer of wind power in Vietnam since 2017, developing projects in Southeast Asia since 2013, establishing early leading positions in many relevant Southeast Asia countries with a secured landbank of 94,475 hectares as of today. Joining forces with ACCIONA Energía at the inflection point of renewables penetration in the region will enable The Blue Circle to tackle the tremendous growth expected in the coming years”, stated Olivier Duguet, Chairman and CEO of The Blue Circle.

“Following ACCIONA Energía´s investments in Australia, we are eager to join The Blue Circle to enter the renewable energy markets of Southeast Asia. This opens a new growth opportunity for us with an experienced leader in the region and I am excited by the synergies between The Blue Circle and ACCIONA Energía that this transaction will enable” said Rafael Mateo, CEO of ACCIONA Energía.

The founding partner and Chairman, Olivier Duguet, and other minority shareholders, will continue to hold a majority stake in The Blue Circle. Olivier Duguet will continue in his role as CEO of the company.

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

ACCIONA Energía’s entry as a partner, strengthens The Blue Circle's access to financing to execute projects under development and contributes, with expertise and track record in renewable technologies, to accelerate The Blue Circle´s growth.

ACCIONA Energía is the world's largest 100% renewable and fossil-free energy operator. It has an operational project portfolio of 11.2GW in 16 countries across five continents. The company is part of the ACCIONA Group, a leader in transport, construction, and water infrastructure, which already operates in the Asia-Pacific region, mainly in the Philippines.

The investment in The Blue Circle represents ACCIONA Energía’s entry into several countries of the Asia-Pacific region that offer attractive growth prospects for the renewable energy sector.

With this transaction, ACCIONA Energía expands its portfolio of projects under development and its geographic diversification, advancing in its growth plans to reach 20GW of installed capacity by 2025 and securing long-term growth in new countries with high potential for it.

Astris Finance and Asia Counsel acted respectively as Financial Advisor and Legal Counsel to The Blue Circle, and Baker McKenzie as Legal Counsel to ACCIONA Energía.

ACCIONA Energía is the largest 100% renewable energy company with no fossil legacy in the world. It has 11.2GW of renewable energy and commercial operations in 20 countries. With 30 years of experience, ACCIONA Energía offers a complete portfolio of tailor-made energy solutions for its corporate and institutional clients to meet their decarbonization goals. ACCIONA Energía is committed to the highest environmental, social and corporate governance (ESG) standards. ACCIONA S.A., a leading global company in the provision of regenerative solutions for a decarbonized economy, is the reference shareholder of ACCIONA Energía. www.acciona-energia.com

The Blue Circle. Founded in 2013, The Blue Circle identifies, develops, finances, owns, and operates renewable energy projects in complex and challenging geographies of the Asia-Pacific region. The Blue Circle uses the most advanced technology to build responsible and sustainable projects. With offices in Singapore, Ho Chi Minh City, Bangkok, and Phnom Penh, The Blue Circle is the leading renewable energy company in Southeast Asia.

ACCIONA Energía

Luisa Gómez +34 639 20 70 79

Ana Martínez + 34 696 90 51 63 

prensa.energia@acciona.com

The Blue Circle

Amaury Brucker

+63 915 182 7899

amaury.brucker@thebluecircle.sg

The Blue Circle wins 100 MW bid from Green Energy Auction in the Philippines

The Blue Circle and CleanTech Global Renewables have been awarded 100 MW of wind power for their Kalayaan project (Phase 1) by the DOE of the Philippines

The Blue Circle and its partner CleanTech Global Renewables have been awarded for their winning bid on their Kalayaan project (100 MW) by the Department of Energy of the Philippines. The Green Energy Auction Program was the first of the sort ever held in the country and saw almost 2 GW of renewable energy awarded, including 374 MW of wind power.

Despite the current post-pandemic recovery which has affected the approval of wind power projects in the Philippines, The Blue Circle and CleanTech have succeeded in securing their desired capacity for the project. Nineteen turbines with a unit capacity of 5.3 MW for a total of 100 MW will constitute the first phase of the Kalayaan Project (350 MW) which will contribute to modernizing the Luzon electric grid and will help build a significant wind power pipeline including the largest offshore wind power awarded with a WESC to date (Bulalacao Offshore, 1.2 GW).

“We are very pleased to receive this green energy award from the DOE as it is represents important milestone for the Philippines and ourselves. We firmly believe in our ability to develop a sustainable pipeline in the country, starting with those 100 MW of wind power. The Blue Circle is committed to being a part of the effort by the Philippines’ government to meet its carbon emissions reduction target and prepare the country for more sustainable and greener growth. We are looking forward to working closely with our partner Cleantech Global Renewables to harness the country’s wind resource to power industries, modernity, and overall development without much, if not zero, impact on the environment.“, said Olivier Duguet, Chief Executive Officer at The Blue Circle.

 
“Cleantech Global Renewables has strongly pushed for the adoption of new technologies and best practices to grow our assets in renewables with the continuous support to pursue innovation from partners like The Blue Circle. The Kalayaan project will incur a limited environmental footprint in a very favorable landscape for wind power potential. The project features a large landbank and great wind conditions that will greatly benefit the people around our country. I am very excited to see us build a major stepping stone towards the future of our country’s sustainable development and energy independence.”, added Aboy Castro, Chief Executive Officer at Cleantech Global Renewables.

About The Blue Circle

Founded in 2013, The Blue Circle identifies, develops, finances, owns and operates renewable energy projects in complex and challenging geographies in the Asia-Pacific region. The Blue Circle uses the most advanced technology to build responsible and sustainable projects. With offices in Singapore, Ho Chi Minh City, Bangkok, Phnom Penh and Manila, The Blue Circle is the leading renewable energy company of Southeast Asia. Its team is committed to changing the world one green electron at a time.

https://www.thebluecircle.sg/

About CleanTech Global Renewables

Cleantech is an independent power producer and renewable electricity developer in the Philippines. CleanTech supports the country’s drive for energy security by developing, acquiring, constructing, owning, and operating clean and renewable energy projects.
https://www.cleantech.ph/

For further information, please contact:

The Blue Circle

Amaury Brucker

Tel: +855 11 842 973

amaury.brucker@thebluecircle.sg

CleanTech Global Renewables

Edwin R. Almario

Tel: +63 977 853 4455

edwin.almario@cleantech.ph

Our Retrospective on Sustainability in 2021

BUILDING TOMORROW’S SUSTAINABLE FUTURE

As the leading renewable energy company in Southeast Asia, The Blue Circle has a responsibility to be a driving force for sustainability.

We design and implement all of our programs following a clear Corporate Social Responsibility approach as well as high Environmental, Social and Corporate Governance standards. To that effect, we have committed to the United Nations Global Compact since 2018 in order to act upon the Sustainable Development Goals established by the UN.

We see the UNGC program as a valuable platform for ourselves and for our stakeholders to view our progress towards sustainability targets and drive future engagement. We have identified the most significant SDGs to focus on areas where we can contribute the most with direct and strong impact.

Our Sustainability Report showcases all of our efforts in 2021 towards our commitment to the SDGs and outlines future goals designed to help us drive sustainable growth forward for our society.

Download our report here

The Blue Circle opens its new Philippines office

The Blue Circle opens its new Philippines office

Southeast Asia’s leading wind energy project developer The Blue Circle has inaugurated earlier this month its new office in Makati, Manila, Philippines to accelerate the development of its pipeline in the region. This is another milestone for the company, after years of presence in the Philippines with its partner Cleantech Global Renewables. The opening of the new office will facilitate the coordination of the development of key projects for the company.

“I am very pleased to announce the inauguration of our new office in Manila.” said Olivier Duguet, Chief Executive Officer of The Blue Circle. “We have been developing projects for years in the Philippines, but after some delays incurred due to the global Covid-19 pandemic, we are now opening our own offices and beefing up our local team. By doing so, we confirm our commitment to implement renewable energy solutions in a country that needs to add 92 GW of renewable energy by 2040 including 40 GW of wind power in order to meet 50% share of renewables in its energy mix and replace its coal fired power plants”.

The Blue Circle is already heavily active in the country’s sustainable development with the notable recent announcement of the Wind Energy Service Contract (WESC) signing for the Bulalacao Offshore project (1.2 GW) which coincides with the roadmap being prepared by the Philippines Department of Energy under the assistance of the World Bank Group, who has estimated that the potential of offshore wind power in the Philippines is over 170 GW and has selected Oriental Mindoro as one of the most suitable offshore wind site of the country.

The company also recently received co-financing by the United Nations Environment Program - Seed Capital Assistance Facility (SCAF) of the Kalayaan 2 project (100 MW) under the Support Line 2 scheme in order to also further the development of its onshore wind power pipeline in the region.

About The Blue Circle

Founded in 2013, The Blue Circle identifies, develops, finances, owns and operates renewable energy projects in the Asia-Pacific region. The Blue Circle uses the most advanced technology to build responsible and sustainable projects. With offices in Singapore, Ho Chi Minh City, Bangkok, Phnom Penh and Manila, The Blue Circle is the leading renewable energy company of Southeast Asia. Its team is committed to changing the world one green electron at a time.

For further information, please contact:

The Blue Circle

Amaury Brucker

Tel: +855 842 973

amaury.brucker@thebluecircle.sg

Largest offshore wind power project secured in the Philippines

The Blue Circle and CleanTech Global Renewable, Inc. have signed the largest offshore wind energy service contract of the Philippines

The Blue Circle and its partner CleanTech Global Renewables, Inc. have signed their first wind energy service contract for an offshore wind project in the Philippines with the 1.2 GW project in Bulalacao, Oriental Mindoro.

Despite the current pandemic situation which has affected the approval of wind power projects in the Philippines, The Blue Circle and CleanTech have succeeded in securing the exclusivity for the Bulalacao site development through a service contract in a competitive context. The planned one-hundred turbines with a unit capacity of 12 MW for a total of 1200 MW will constitute the largest offshore wind project of the country. This is in concordance with the roadmap being prepared by the Philippines Department of Energy under the assistance of the World Bank Group, which has estimated that the potential of offshore wind power in the Philippines is over 170 GW and has selected Oriental Mindoro as the best offshore wind site of the country.

According to the government's Clean Energy Scenario (CES) outlined in the Philippines Energy Plan 2020-2040, the archipelago needs to add at least 92 GW of renewable energy to its energy mix by 2040 to reach the 50% mark for renewable energy share. Some 11.8 GW are expected to be sourced from various types of wind projects. In order to meet the CES goals, UK’s BVG Associates (BVGA) estimated that the Philippines will need to be operating four large offshore projects by 2040. Under the high-growth scenario, the Philippine potential for offshore wind is 20 GW by 2040 and 40 GW by 2050.

“After spending many years developing onshore wind projects in the Philippines, I am very excited by the promising Bulalacao offshore potential. This site is ideally situated outside of major environmental constraints, away from the direct typhoon hit zone and with high winds in shallow to medium depth waters. The Blue Circle has a strong team of wind energy professionals with experience in developing and operating wind power projects across the ASEAN region. We are committed to developing this site and take part in the Philippines’ government efforts to meet its carbon emissions reduction target and prepare the country for more sustainable and greener future expansion. We are looking forward to working closely with our partner Cleantech Global Renewables, Inc. to harness the country’s best wind resources, to power economic growth by creating green jobs while preserving the environment.“, said Olivier Duguet, Chief Executive Officer at The Blue Circle.

“Cleantech Global Renewables, Inc. has strongly pushed for the adoption of new technologies and best practices to grow our renewables assets with the continuous support to pursue innovation from partners like The Blue Circle. The Bulalacao offshore project will incur a limited environmental footprint in a very favorable landscape for wind power potential. The project, whose landbank reaches approximately 40,095 hectares, will be of a significant size for both floating and bottom fixed wind turbines. I am enthusiastic and eager to build this major stepping stone towards our country’s sustainable development and energy independence.”, added Aboy Castro, Chief Executive Officer at Cleantech Global Renewables, Inc.

 
About The Blue Circle

Founded in 2013, The Blue Circle identifies, develops, finances, owns and operates renewable energy projects in complex and challenging geographies in the Asia-Pacific region. The Blue Circle uses the most advanced technology to build responsible and sustainable projects. With offices in Singapore, Ho Chi Minh City, Bangkok, Manila and Phnom Penh, The Blue Circle is the leading renewable energy company of Southeast Asia. Its team is committed to changing the world one green electron at a time.

https://www.thebluecircle.sg/

About CleanTech Global Renewables

Cleantech is an independent power producer and renewable electricity developer in the Philippines. CleanTech supports the country’s drive for energy security by developing, acquiring, constructing, owning, and operating clean and renewable energy projects.

https://www.cleantech.ph/

For further information, please contact:

The Blue Circle

Amaury Brucker

Tel: +855 11 842 973

amaury.brucker@thebluecircle.sg

CleanTech Global Renewables Inc.

Edwin R. Almario

Tel: +63 977 853 4455

edwin.almario@cleantech.ph