• AC Energy developing 300 MW solar power projects in Vietnam
AC Energy, the power business of the Ayala Group, is developing over 300 megawatts (MW) of solar power in Vietnam after partnering with a local firm.
In a statement, AC Energy said it has teamed up with Vietnam’s BIM Group to jointly develop over 300 MW of solar power in Ninh Thuan province.
“AC Energy is very keen to participate in the fast-growing Vietnam power sector, with pioneering investments in renewable energy. We are delighted to partner with BIM Group, which has a significant presence in Ninh Tuan province, which in turn has among the best solar irradiance in the country,” AC Energy CEO John Eric Francia said.
BIM Group is a diversified corporation in Vietnam, successfully establishing its mark in four main business fields, namely: tourism development and real estate investment, agriculture – food, commercial services and renewable energy.
It has a significant experience in business development in Ninh Thuan, the host province for the solar project.
The partners are starting with an initial phase of 30 MW, which broke ground on Jan. 23, with Conergy Asia & ME as the construction partner.
Investment for this phase is expected to reach 800 billion dong, equivalent to roughly P1.8 billion, and to be completed within the year.
Once completed, the partners envision the solar project to be expanded by an additional 300 MW.
Earlier, AC Energy said Vietnam will be its second regional investment in Asia since it has a similar macroeconomic picture with Indonesia and the Philippines.
The Ayala Group also has presence in Vietnam through Manila Water Co. Inc. under local units Thu Duc Water and Kenh Dong Water as well as through infrastructure firm Ho Chi Minh City Infrastructure Investment Joint Stock Co. (CII).
The Ayala power unit is exploring possible investments and partners for solar and wind projects because the target country also has an ongoing feed-in tariff (FIT) scheme for solar and wind project.
The Vietnamese government came out with FIT for solar, which would be valid from June 1, 2017 to June 30, 2019. There is no deadline for wind.
“There are very advanced progress in terms of renewables. Solar is the higher priority now because there’s a deadline set, which is June 2019. Our efforts are primarily focused on solar in Vietnam,” Francia said.