Norwegian floating solar developer Ocean Sun has entered into a memorandum of understanding (MoU) with ACEN-Silverwolf to establish a framework for deploying utility-scale floating solar installations across selected Asian markets.
The non-binding agreement with ACEN-Silverwolf, a joint venture between ACEN Renewables International and Silverwolf Capital, outlines a collaboration pathway combining Ocean Sun’s patented membrane-based floating solar technology with ACEN-Silverwolf’s regional project development experience.
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The parties said they intend to move toward a binding collaboration framework, subject to securing relevant approvals and finalising definitive documentation.
Ocean Sun’s technology uses solar modules mounted on hydro-elastic membranes surrounded by circular flotation collars, with each ring providing up to 700kW of capacity.
The flexible polymer membrane allows the system to adapt to variable water conditions, including reservoir level fluctuations of several meters, while maintaining stability in high wind conditions.
Ocean Sun has updated its designs for freshwater installations to support cost-competitive utility-scale deployment, moving beyond earlier offshore and aquaculture applications.
Kristian Torvold, chief executive of Ocean Sun, said the MoU establishes a clear pathway to scale the company’s floating solar technology with an experienced renewable energy developer.
“It supports our capital light licensing strategy in the utility segment and provides a structured route from pilot projects to utility-scale deployment, particularly in competitive freshwater environments,” Torvold added.
Kelvin Yuen, chairman of ACEN-Silverwolf, said Ocean Sun brings a floating solar technology that has been developed and refined over many years, with a focus on robustness and suitability for freshwater installations
The agreement positions Ocean Sun to expand its presence in Asian markets where floating solar deployment has accelerated in recent years. 
Earlier this week, Vietnam proposed 270MW of new floating PV capacity as part of its renewable energy expansion, while Malaysia’s largest standalone floating PV project began construction in February.
Ocean Sun previously announced plans to bring floating solar to Australia in early 2025 through a partnership with Canopy Power Australia.
ACEN-Silverwolf owns and operates over 100MW of commercial and industrial renewable energy assets across China, Hong Kong, Malaysia, Thailand, and Singapore.
ACEN Corporation, the Ayala group’s listed energy company, currently has approximately 7GW of attributable renewable energy capacity, spanning projects in operation, under construction and committed across the Philippines, Australia, Vietnam, India and Lao PDR.
The company has set a target of 20GW of renewables capacity by 2030.
The floating solar market in the Asia-Pacific has expanded rapidly. Utility-scale projects between 1MW and 3MW dominate regional deployment, with installations typically located on large reservoirs, hydropower dams, and industrial water bodies.
The technology addresses land scarcity constraints while providing water-conservation benefits through reduced evaporation and improved panel efficiency via natural water cooling.
As reported by PV Tech, DNV recently launched technical standards for floating solar to support the industry’s development through standardised design and operational frameworks.

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