The Blue Circle

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

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

• Wind farm development
• Renewable energy generation
• Power purchase agreements
• Wind engineering services
• Project finance

Headquarters

HQ city

Singapore

HQ country

Singapore

HQ region

Asia

Offices5 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Infrastructure, Supply Chain, Personnel, Operations, Technology or R&D

Revenue model

1. 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.
2. 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

Go-to-market motion1 record

Distribution channels3 records

Marketing channels5 records

Core 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

Named customers5 records

Segments3 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature2 records

Partnerships

Twelve partnerships are on record, tiered core, supporting and major.

• Royal Group (Cambodia)coreStrategic or Co-development Partner · 15 January 2024MOU 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)supportingStrategic or Co-development Partner · 13 December 2023Philippine 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)supportingStrategic or Co-development Partner · 11 July 2023Partnership 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)supportingStrategic or Co-development Partner · 11 July 2023Partnership 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 EnergíacoreStrategic or Co-development Partner · 14 September 2022ACCIONA 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)coreStrategic or Co-development PartnerPartnership 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.coreStrategic or Co-development PartnerPartnership 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 InternationalmajorTechnology or IntegrationTurbine 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 EnergymajorTechnology or IntegrationTurbine 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 SystemsmajorTechnology or IntegrationTurbine 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 GamesamajorTechnology or IntegrationTurbine 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 GroupsupportingTechnology or IntegrationQuality assurance and inspection partner for Kalayaan 2 Wind Project construction in the Philippines.

Scale indicators8 records

Recent moves7 records

Expansion highlights5 records

Direct 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

Revenue estimate

Valuation estimate

Number of profiles

Profiles8 records

Subsidiaries1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about The Blue Circle