Published October 14, 2019, 10:00 PM
By Myrna M.
Velasco
The energy investment arm of the
Ayala group has cemented a new partnership with Myanmar company Yoma Strategic
Holdongs Ltd. for a joint venture in renewable energy that will likely command
an investment of $30 million.
AC Energy said it signed a binding
term sheet with Yoma Strategic for the targeted investment and 50:50 joint
venture deal.
“The new joint venture plans to
invest in Yoma Micro Power,” a statement of the Ayala firm has emphasized.
Particularly, the two firms are
exploring to jointly develop 200 megawatts of renewable energy power projects.
AC Energy similarly indicated that
the JV firm will be exploring big ticket utility-scale RE projects.
Nevertheless, it has not been
specified yet what RE technology will be the jump-off point of developments
they will be pursuing.
Yoma Strategic Chief Executive
Officer Melvyn Pun said “supply of electricity is one of the largest
opportunities in Myanmar and also one of the biggest bottlenecks for economic
development.”
Patrice Clausse, chief operating
officer of AC Energy Renewables, asserted that this tie-up with the Myanmar
firm will be the Ayala firm’s entry point to become part of that country’s RE
journey “in a significant way.”
The Ayala group’s energy investment
unit is continuously searching for opportunities offshore – not just in
Southeast Asia but even in the greater core of the Asian region.
The group has already announced
investment plants in Vietnam, Indonesia, Australia, Taiwan, South Korea and
India for portfolio developments that are mostly in the RE space.
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