CVC DIF-backed ib vogt, a Germany-based utility-scale renewables developer, is considering selling its Asian business, according to two sources familiar.

It has engaged UBS to advise on options, one of the sources said.

The mandate was awarded after multiple banks sounded out investors to gauge market appetite, the sources said.

An Asian sale could include ib vogt’s projects in the Philippines, Indonesia, and Malaysia, said one of the sources. A third source was less certain that it had decided on the geographies for divestment, adding that it aims to sell non-core development assets.

Deal negotiations remain in early stages with the structure still to be finalised, said one of the sources. Teasers have not yet been distributed.

The developer is also seeking to separately sell its Australian and Indian portfolios, said the other source.

The exit process for Australia has been ongoing with a local advisor, said the same source and a fourth source familiar. The portfolio comprises early-stage assets, including a Tasmanian solar farm and a New South Wales battery without offtakes, despite being ready to build by mid-2026, one of the sources said.

ib vogt is yet to appoint an advisor to sell the Indian portfolio, which is already under construction, said a fifth source familiar, adding that the developer is in the midst of evaluating advisory pitches. It has 75 MWp of under-construction PV plants and 450 MWp of pre-construction commercialised projects in the country, its website shows.

In Australia, the company has 394.8 MWp of pre-construction commercialised projects and the 11.1 MWp Williamsdale operating solar farm, according to its website.

In Indonesia, ib vogt plans to co-develop a 220 MW solar project in the Sulawesi region alongside Singapore’s Quantum Power Asia. It also intends to build a USD 5bn, 3.5 GW solar farm and 12 GWh energy storage facility in Indonesia’s Riau Islands to export power to Singapore, co-developed with Quantum Power.

It has agreed with Philippines-based ACEN on a 1 GW solar platform in Indonesia, Vietnam, Malaysia, Laos, Bangladesh, and other countries.

ib vogt continuously evaluates strategic options across its global business to create value and optimise regional footprint, said a company spokesperson, adding that it remains focused on growth globally.

The spokesperson declined to further comment on what he termed market speculation. UBS declined to comment.

ib vogt has 410 MW in operating PV plants across Australia, India, Indonesia, Malaysia, the Philippines, and Thailand, according to its website. India, with 233.48 MWp, accounts for the bulk of the operational capacity, while it has 116 MWp in Malaysia.

The developer in March last year raised USD 80m of debt from Pentagreen Capital and British International Investment to partly finance a 100 MWp solar project in the Philippines.