Acciona bought a 49.9% stake, which makes it the largest individual shareholder in the developer.
Spanish firm Acciona paid $34 million to buy into The Blue Circle, and has also committed up to $113.5 million to finance capex of projects that reach ready-to-build status.
The deal marks Acciona’s entry into south-east Asian renewables.
The Blue Circle has helped to develop 84MW of operational wind capacity in Vietnam, and is helping to develop 3.8GW of new wind capacity in Vietnam, Thailand, Philippines, Cambodia, Indonesia, Laos and Sri Lanka.
Its partnership with Acciona Energía will help the company to finance projects and accelerate its growth, it explained. In turn, Acciona Energía will develop, build and operate in south-east Asia for the first time, helping it to achieve its goal of 20GW of installed capacity by 2025.
The founding partner and chairman of The Blue Circle, Olivier Duguet, and other minority shareholders, will continue to hold a majority stake in The Blue Circle.
Duguet will also continue in his role as CEO.