By Lenie Lectura - September 13,
2019
ABOITIZ Power Corp. continues to
look for opportunities abroad, including the expansion of its recent wind
power investment in Vietnam.
“We are always exploring and there
are actually interested sellers,” AboitizPower Chief Operating Officer Emmanuel
V. Rubio. “We are looking for projects that are eligible for FIT
[feed-in-tariff] and they are wind and solar projects, some operating, some for
development. But, I think, what’s important is this opens up doors for us,
this initial acquisition, I think the next one will be easier.”
Aboitiz Power International, a
wholly- owned subsidiary of Aboitiz Power, signed a share purchase agreement
for the acquisition of 100-percent ownership of Vietnam’s Mekong Wind from
Armstrong Southeast Asia Clean Energy Fund Pte. Ltd. for $46 million.
Mekong Wind holds a 99 percent
direct interest in Dam Nai Wind Power, which owns and operates the
39.4-megawatt (MW) onshore wind power facility in Ninh Thuan Province, Southern
Vietnam.
The acquisition is subject to
customary closing conditions and is expected to be completed in the fourth
quarter of 2019.
Rubio said the wind power project
could undertake an expansion by as much as 50 MW more. “I think anywhere
from 30 MW to 50 MW. “Wind or solar, those are the ones attractive because of
FiT,” said Rubio when pressed for details.
Aside from Vietnam, the power firm
is looking at renewable-energy opportunities in Myanmar and Indonesia.
“Together with our partners, we are exploring some projects in Indonesia. If
ever there would be partners, then we have to look for synergies. We’ve been
exploring projects that we can be 100 percent or majority, those are the
preferences. We are not setting any timelines for the next one, I think, if it
happens, it happens. If it’s acceptable to us, it’s acceptable to the
seller,” said Rubio.
The Vietnam acquisition sets the
tone for AboitizPower’s expansion in the international market.
Ninh Thuan Province boasts some of
the most attractive sites for wind energy in the country. “We are excited for
this opportunity not only to expand beyond the Philippines but to also bring
our experience in the power generation sector, especially in the
renewable-energy space, to Vietnam.
“We are proud of what we have done
with our cleanergy brand in the Philippines and we will bring the same level of
expertise and dedication to the Vietnam market,” said Rubio.
Dam Nai Wind is one of the first
wind power projects in Vietnam to have been successfully brought online with
commercial operations having commenced in late 2017.
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