By
Lenie Lectura - June 28, 2018
AC Energy is eyeing
more investment opportunities in Vietnam, particularly wind-power projects.
AC Energy will be
partnering with B&T of Vietnam to pursue wind-power projects with a
capacity of 352 megawatts (MW) in Quang Binh province with a total investment
of $493 million (P26.336 billion). Initially, both are eyeing to develop 252 MW
of wind power, with a total investment of $353 million (P18.857 billion).
Early this month, Ayala
Group met with the delegation of Quang Binh province. During their meeting
on June 9, the two sides expressed the desire to cooperate in investing in the
field of renewable energy.
The Ayala Group was led
by its president and CEO Jaime Augusto Zobel de Ayala and AC Energy
President Eric Francia.
Meanwhile, the
delegation of Quang Binh province was led by Hoang Dang Quang, member of the
Central Party Committee, secretary of the Provincial Party Committee and
chairman of the Provincial People’s Council. He was joined by Nguyen Xuan
Quang, standing vice chairman of Quang Binh Provincial People’s Committee.
“After discussion, in
the witness of the leaders of both sides, Nguyen Xuan Quang, Standing Vice
Chairman of Quang Binh Provincial People’s Committee together with
representative of the Ayala Group signed a memorandum of understanding on
investment of B&T wind farm with a capacity of 352 MW in Quang Binh
province with a total investment of $493 million. The first phase has a
capacity of 252 MW, with a total investment of $353 million,” details
posted on the web site of Quang Binh Department of Trade and Industry stated.
Quang Binh officials said the province has a lot of potential for
socioeconomic development, especially tourism. In addition with the diversified
natural resources, the province also has great potential to develop wind energy
and solar energy.
“Therefore, the Ayala
group’s investment in wind farm in Quang Binh province will help Quang
Binh province “open up its potential for future development,” the statement
read. “The Secretary of the Provincial Party Committee also affirmed that Quang
Binh will give the best conditions for the Ayala Group to survey and deploy
investment projects in the coming time.”
Earlier, AC Energy
partnered with the Bim Group of Vietnam to jointly develop 330 MW of
solar-power projects in Vietnam’s Ninh Thuan province.
AC Energy and BIM are
starting with an initial phase of 30 MW, which broke ground on January 23,
with Conergy Asia & ME as the construction partner. Investment for this
phase is expected to reach 800 billion dong, or roughly P1.8 billion, and to be
completed within the year.
Francia said the
agreement with BIM initially covers 330 MW, though “their landholdings there
could support more than 1,000 MW.”
He said last year the
company was eyeing Vietnam because “the population, the growth
potential, the market size, supply-demand outlook is similar to what we have
here in the Philippines.”
The move to develop
renewable-energy projects overseas is in line with AC Energy’s plan to grow its
presence in Southeast Asian markets. It has also partnered with UPC
Renewables Indonesia Ltd. for a 75-MW wind farm under project company PT UPC
Sidrap Bayu Energy.
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