The Blue Circle
- Company typePrivate
- Founded2013
- HeadquartersSingapore, Singapore
- Headcount51–100
- GTM typeB2B
- OfferingServices
The Blue Circle firmographics
Firmographics- Name
- The Blue Circle
- Legal name
- The Blue Circle Pte Ltd
- Website
- https://thebluecircle.sg
- Company type
- Private
- Founded year
- 2013
- Operating status
- Operating
- Headcount range
- 51–100 employees
- Ownership category
- akta.pro rank
The Blue Circle industry classification
Industry- Product category
- Renewable Energy / Wind Power Generation
- NAICS
- Wind Electric Power Generation (221115), Electric Power Generation (22111)
- SIC
- Electric, Gas & Sanitary Services (4900)
- akta.pro primary industry
- Wind Farm Ownership & Operations (IPP/Utility-Owned Asset Operations) (EUACAFAF)
- akta.pro secondary industries
- Wind Farm EPC & Balance of Plant Construction (Civil, Electrical, Substations) (EUAMACAF), Wind Resource Assessment & Energy Yield Analytics (Met Masts, LiDAR, Modeling) (EUAMACAJ), Offshore Wind Power Generation (Fixed-Bottom) (EUACAFAB)
Keywords
Where The Blue Circle is headquartered
LocationHeadquarters
- HQ city
- Singapore
- HQ country
- Singapore
- HQ region
- Asia
Offices5 records
Markets served
The Blue Circle business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Infrastructure, Supply Chain, Personnel, Operations, Technology or R&D
Revenue model
- Wind Power Generation and Sale: The company develops, builds, owns and operates wind farms that generate electricity sold to national grid operators under long-term Power Purchase Agreements (PPAs) and feed-in tariffs. Revenue is generated from the sale of renewable electricity to utilities.
- Asset Rotation: Strategic asset rotation transactions where The Blue Circle develops projects and then transfers ownership of certain market portfolios. The 2025 restructuring with ACCIONA Energía transferred ownership of renewable energy project portfolios in the Philippines, Thailand and Vietnam to Acciona, generating significant financial milestones.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Subscription | Pay-as-you-go | Vietnam Feed-in Tariff |
| Subscription | Pay-as-you-go | Philippines Green Energy Auction |
Go-to-market motion1 record
Distribution channels3 records
Marketing channels5 records
The Blue Circle product offering
Product offeringCore offering
The Blue Circle identifies, develops, finances, owns and operates renewable energy projects — primarily onshore and offshore utility-scale wind farms — across Southeast Asia. It provides end-to-end project lifecycle services including wind resource assessment using LIDAR and met masts, project financing, construction management, and operational asset management, selling generated electricity to national grid operators under long-term PPAs and feed-in tariffs.
Product overview
The Blue Circle is a renewable energy project developer and operator specializing in onshore and offshore wind farms across Southeast Asia. The company offers end-to-end wind farm development services including site identification, wind resource assessment using LIDAR and meteorological mast technology, project financing, construction management, and operational asset management. The company operates a portfolio of wind farm projects spanning multiple countries including Vietnam (Dam Nai, Dai Phong, Hong Phong), Philippines (Kalayaan 2, Baao, Ibajay, Bulalacao Offshore), Cambodia (Mondulkiri, Kouprey), and other Southeast Asian markets. The company maintains in-house wind engineering and construction management teams and provides ESG and sustainability services aligned with international standards including IFC performance standards and UN Global Compact principles. Following the August 2025 partnership reorganization with ACCIONA Energía, the company operates independently focusing on Emerging Asia markets while previously developed projects in Philippines, Thailand and Vietnam transferred to ACCIONA Energía ownership.
Differentiator
Problem solved
Functional benefit
Products and services
- Wind Farm Development Services Full-lifecycle wind farm development covering site identification, wind resource assessment, permitting, financing, construction management, and operational asset management for utility-scale wind projects. Sold to national utilities and government agencies in Southeast Asia.
- Asset Management Services Ongoing monitoring and management of operating renewable energy assets through Asset Management Services contracts.
- Wind Engineering Services In-house wind engineering capabilities including wind measurement campaigns using LIDAR technology, meteorological mast installations, SPIDAR systems, and annual energy production assessments.
- Dam Nai Wind Project First foreign-owned wind power plant in Vietnam, located in Ninh Thuan Province with approximately 50 MW total capacity (15 WTGs). Generates electricity sold under long-term arrangements to Vietnam's national grid.
- Dai Phong Wind Project 40 MW wind farm in Binh Thuan Province, Vietnam featuring 10 Vestas V150-4.2MW turbines. First stage of the larger Mui Ne project. Sells electricity to Vietnam grid under PPA with feed-in tariff.
- Hong Phong 1 Wind Project 40 MW wind farm in Binh Thuan Province, Vietnam featuring 8 GE 5.3 MW turbines with 158m rotor diameter — largest installed in Southeast Asia at time of construction. Second stage of Mui Ne project.
- Kalayaan 2 Wind Project 100.8 MW onshore wind project in Laguna province, Philippines with investment of approximately ₱8.7 billion (US$150 million). Features 17 Goldwind GW165-6.0MW turbines, expected to power ~85,000 homes upon commercial operation in mid-2026. First phase of the 350 MW Kalayaan Project.
- Mondulkiri Wind Project (Cambodia) 80-100 MW wind project in Mondulkiri Province, Cambodia — the first wind project in Cambodia. Wind measurements conducted since 2019 with 120-meter met mast and SPIDAR equipment. Planned electricity offtake target is Electricité du Cambodge (EDC).
- Bulalacao Offshore Wind Project 1.2 GW offshore wind project in Oriental Mindoro, Philippines — the largest offshore wind project secured in the Philippines. Planned for both floating and bottom-fixed wind turbines across approximately 40,095 hectares.
- Kouprey Wind Farm 150 MW wind farm in Cambodia, planned to start construction in 2026 as the company's largest project in its 13-year history following the partnership reorganization with ACCIONA Energía.
Quantifiable outcome
- Avoided 238,000 metric tons of carbon emissions annually (2020-2023 average from wind farms)
- +3 more outcomes
Companies that use The Blue Circle
Customer profileNamed customers5 records
Segments3 records
Ideal customer profiles3 records
The Blue Circle technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature2 records
The Blue Circle partnerships and signals
Strategic signalPartnerships
Twelve partnerships are on record, tiered core, supporting and major.
- Royal Group (Cambodia)coreMOU signed in front of Cambodia Prime Minister Hun Manet to develop first wind project of Cambodia - 100MW project in Mondulkiri Province. Royal Group operates 400MW Lower Sesan 2 hydro power plant and planning further renewable expansion.
- Pilipinas Offshore Wind Energy Resource, Inc. (POWER)supportingPhilippine offshore wind industry organization formed with other developers (ACEN, BlueFloat Energy, Citicore, Ignis, Marubeni) to provide expertise and technical resources to accelerate clean energy transition through offshore wind power.
- The Asia Foundation (TAF)supportingPartnership to strengthen gender equality and social inclusion (GESI) in The Blue Circle's ESG management process. USAID and Australia Mekong Safeguards Program implemented by TAF assists in enhancing GESI and ESG standards.
- World Wide Fund for Nature (WWF)supportingPartnership to promote gender equality and sustainable governance. Mekong For the Future program (USAID funded) supports development of comprehensive environmental management plan through workshops, seminars, and technical expertise.
- ACCIONA EnergíacoreACCIONA Energía made a US$34 million investment to enter The Blue Circle's capital with close to 50% stake, becoming its largest individual shareholder. Additional commitment of up to US$113.5 million to finance capex of projects reaching ready-to-build status. Partnership focused on developing, building and operating wind projects across Southeast Asia. In August 2025, partnership was reorganized with The Blue Circle focusing on Emerging Asia (Sri Lanka, Malaysia, Cambodia) and ACCIONA taking Philippines, Thailand and Vietnam portfolios.
- ACEN (Ayala Energy Platform)corePartnership for wind farm development in Vietnam. The Blue Circle operates Dai Phong (40MW, mid-2020) and Hong Phong 1 (40MW, October 2021) wind farms with ACEN in Binh Thuan Province. ACEN is the listed energy platform of the Ayala Group with ~2,900 MW attributable capacity.
- CleanTech Global Renewables Inc.corePartnership for Philippines wind project development including Kalayaan project (350MW total) and Bulalacao offshore project (1.2GW). CleanTech is an independent power producer and renewable electricity developer in the Philippines with goal to develop 1GW of RE projects by 2025.
- Goldwind InternationalmajorTurbine supply and service partner for Kalayaan 2 wind project. 17 x GW165-6.0MW wind turbines supplied and installed, with 10-year service agreement. Kalayaan 2 Commercial Operation Date targeted mid-2026.
- GE Renewable EnergymajorTurbine supplier for Hong Phong 1 project in Vietnam. 8 WTGs with 5.0MW capacity each (total 40MW) entered operation October 2021. GE provides ongoing O&M services.
- Vestas Wind SystemsmajorTurbine supplier for Dai Phong project in Vietnam. 10 WTGs with V150-4.2MW turbines (first V150-4.2MW in Southeast Asia) entered operations July 2020. Vestas provides O&M services.
- Siemens GamesamajorTurbine supplier and O&M services provider for Dam Nai wind project in Vietnam. 12 WTGs entered operations late 2018 as first foreign-owned wind power plant in Vietnam.
- Bureau Veritas GroupsupportingQuality assurance and inspection partner for Kalayaan 2 Wind Project construction in the Philippines.
Scale indicators8 records
Recent moves7 records
Expansion highlights5 records
The Blue Circle competitors and assessment
Company assessmentDirect peers
- ACEN: Listed energy platform of Ayala Group in the Philippines with ~2,900 MW attributable renewable capacity. ACEN is both a co-development partner with The Blue Circle (Dai Phong, Hong Phong 1) and a direct competitor in Philippines Green Energy Auctions and offshore wind tenders.
- Vena Energy: Singapore-headquartered independent power producer focused on renewable energy across Asia-Pacific. Operates utility-scale wind and solar in markets overlapping with The Blue Circle's footprint, including Vietnam, the Philippines, and Indonesia.
- CWP Global: Global wind and solar project developer with active pipeline in Southeast Asia (Indonesia, Vietnam). Competes with The Blue Circle in developing utility-scale wind farms in frontier Asian markets.
- CleanTech Global Renewables Inc. Philippines-based renewable energy developer targeting 1 GW of RE projects by 2025. Co-developer with The Blue Circle on the Kalayaan and Bulalacao offshore wind projects and a direct counterparty in Philippines renewable energy auctions.
- Equis Development: Singapore-based renewable energy platform with a multi-gigawatt operating and development portfolio across Asia. Overlaps with The Blue Circle in IPP/utility-scale renewables development and PPA-based revenue models across Southeast Asia.
Emerging players
- BlueFloat Energy: Offshore wind developer active in the Philippines as a co-founding member of POWER alongside The Blue Circle. Comparable in offshore wind development expertise but a newer entrant in Southeast Asia.
- Northland Power: Canada-based offshore and onshore wind developer with international project portfolio. Comparable to The Blue Circle's offshore wind ambitions (e.g., Bulalacao) and as a mid-scale wind IPP pursuing emerging market opportunities.
Broad incumbents
- Marubeni Corporation: Japanese trading conglomerate with a global renewables portfolio and a co-founder of POWER in the Philippines. Competes with The Blue Circle in Philippines offshore wind and broader Asia-Pacific renewable development.
- ACCIONA Energía: Global wind IPP and parent/strategic partner of The Blue Circle (~50% stake since 2022). Operates a worldwide wind and renewables portfolio and, post-2025 restructuring, owns the Philippines, Thailand, and Vietnam projects originally developed by The Blue Circle.
- Iberdrola: Global wind and renewables major with significant onshore and offshore wind operations. A scaled incumbent comparable to The Blue Circle's core business model of utility-scale wind IPP, though operating at much greater scale and geographic breadth.
Market position
Strengths5 records
Weaknesses2 records
Competitive moat5 records
Key risks6 records
Key highlights7 records
Customer concentration
The Blue Circle financial estimates
Financial estimateRevenue estimate
Valuation estimate
The Blue Circle leadership team
Management profileNumber of profiles
Profiles8 records
The Blue Circle subsidiaries and ownership
Company hierarchySubsidiaries1 record
The Blue Circle funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
The Blue Circle M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about The Blue Circle
What does The Blue Circle do?
The Blue Circle identifies, develops, finances, owns and operates renewable energy projects — primarily onshore and offshore utility-scale wind farms — across Southeast Asia. It provides end-to-end project lifecycle services including wind resource assessment using LIDAR and met masts, project financing, construction management, and operational asset management, selling generated electricity to national grid operators under long-term PPAs and feed-in tariffs.
Is The Blue Circle a public or private company?
The Blue Circle is a private company. It is classified as founder individual operated bootstrapped and is currently operating.
When was The Blue Circle founded?
The Blue Circle was founded in 2013. It employs 51 to 100 people.
Where is The Blue Circle based?
The Blue Circle is headquartered in Singapore, Singapore, in the Asia region.
How does The Blue Circle make money?
Two revenue lines are on record. Wind Power Generation and Sale is the primary driver. The others are asset Rotation.
Who are The Blue Circle's main competitors?
Direct peers on record are ACEN, Vena Energy, CWP Global, CleanTech Global Renewables Inc. and Equis Development. Emerging players are BlueFloat Energy and Northland Power. Broad incumbents are Marubeni Corporation, ACCIONA Energía and Iberdrola.
Does The Blue Circle have an API?
No public API is recorded for The Blue Circle.
What industry is The Blue Circle in?
The Blue Circle's product category is Renewable Energy / Wind Power Generation. Its primary akta.pro industry code is EUACAFAF, Wind Farm Ownership & Operations (IPP/Utility-Owned Asset Operations), with a secondary code of EUAMACAF, Wind Farm EPC & Balance of Plant Construction (Civil, Electrical, Substations). Its NAICS code is 221115 and its SIC code is 4900.