By
VG Cabuag - October 15, 2018
AC Energy Inc. and AMI
Renewables Energy Joint Stock Co. will jointly develop up to 80 megawatts (MW)
of solar-power capacity in Vietnam.
Both signed
engineering, procurement and construction (EPC) contract and financing
documents for the development of solar plants in the provinces of Khanh Hoa and
Dak Lak, to be commissioned in time for the June 2019 solar feed-in tariff
deadline.
“We are excited to
expand our development initiatives in Vietnam and work with our local partner
AMI Renewables,” said Eric Francia, AC Energy president and CEO. “We appreciate
the strong commitment of the Vietnam government to promote renewables, and the
strong support from our banking partners that are providing project financing.”
The projects are
estimated to cost $83 million, financed with debt and equity. AC Energy will
participate with at least 50-percent economic share.
Indovina Bank of
Vietnam and RCBC of the Philippines will provide nonrecourse financing for the
Dak Lak and Khanh Hoa projects, respectively.
AC Energy formed a
platform company with AMI Renewables last year to build renewable-energy plants
in Vietnam, including the 352-MW Quang Binh wind project.
This is AC Energy’s
second renewable-energy platform in Vietnam.
AC Energy earlier
partnered with BIM Group of Vietnam to develop 30 MW of solar-power projects in
Ninh Thuan province, Vietnam. The initial 30-MW project broke ground on
January 23. It said then that investment for this phase is expected to reach
800 billion VND, or roughly P1.8 billion. Conergy Asia & ME was tapped as
the construction partner.
Francia had said the
size of the solar-farm contracts increased to 280 MW and that AC Energy and BIM
Group plan to further expand the capacity to well over 300 MW. Once
completed, the solar farm will become the largest in Southeast Asia.
AC Energy is the energy
platform of Ayala, with over $1 billion of invested and committed equity in
renewable and thermal energy in the Philippines and around the region.
The company aspires to
develop 5 GW of attributable capacity and generate at least 50 percent of
energy from renewables by 2025.
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