Spain’s Acciona Energía has agreed a $34m deal to buy a near-50% stake in Singapore-based The Blue Circle, which has a massive wind energy portfolio in Southeast Asia.

The developer operates an installed capacity of 84MW in Vietnam and has more than 1.4GW in advanced development in the country. The Blue Circle’s total portfolio in the region – also encompassing projects in Thailand, the Philippines, Cambodia, Indonesia, Laos and Sri Lanka – amounts to 3.8GW.

“Following Acciona Energía’s investments in Australia, we are eager to join The Blue Circle to enter the renewable energy markets of Southeast Asia,” the Spanish group's chief executive Rafael Mateo said.