AC Energy’s stake in Vietnam’s renewable energy (RE) projects has reached 1,000 megawatts (MW), the power arm of conglomerate Ayala Corp said on Tuesday.
Of this figure, 637 MW is attributable to AC Energy.
The company’s first project in Vietnam is the 405 MW Ninh Thuan Solar Park, which came on stream in 2019. AC Energy has partnered with BIM Group to develop it.
Subsequently, the 80 MW Khan Hoa and Dak Lak solar parks, developed in partnership with AMI Renewables, also started operations in 2019 and have since contributed to Vietnam’s clean energy supply.
AC Energy has also taken advantage of Vietnam’s strong wind resource potential, making it a strategic hub to jointly develop wind projects with its partners to invest a total of $ 445 million in the country, with the company’s wind projects under construction reaching 440 MW of capacity.
He partnered with The Blue Circle to develop the Mui Ne wind farm in Binh Thuan province, with the construction of the project in full swing. With an expansion potential of 170 MW, partners from Soc Trang province in southern Vietnam, two wind farms are being developed by AC Energy with a long-standing partner, UPC Renewables. The Lac Hoa and Hoa Dong wind farms have a total capacity of 60 MW.
Vietnam’s largest onshore wind farm, the 252 MW Quang Binh Wind Farm, is AC Energy’s latest partnership with AMI Renewables. Foundation work on 52 of the 60 turbines has already been completed with 14 turbines installed, while the project transmission lines have also been completed and the two substations energized.
Meanwhile, the 88 MW Ninh Thuan Wind Farm, AC Energy’s latest development with BIM Group, recently completed its foundation, with six turbines fully erected and installed. The wind farm’s transmission lines and substation are already complete and ready to be powered up.
“These project milestones taking place in Vietnam are all a really exciting time in our renewable energy expansion,” said Patrice Clausse, COO of AC Energy International. “We are creating a niche for AC Energy through our historic sustainable investments, establishing a strong track record in this country. We will continue to develop large-scale developments to support Vietnam’s goal of increasing the share of renewable energies in its energy mix.
With four wind farms expected to be operational by 2021, and with the upcoming completion of the injection of its international assets that will provide 1,408 MW of renewable energy capacity, AC Energy’s renewable energy portfolio is expected to reach 2,500 MW in the year, already halfway towards its goal of reaching 5,000 MW of renewable capacity by 2025.
Since 2017, AC Energy has been advancing its renewable energy program to become a major player in Vietnam.
“Vietnam is a great place for sustainable investments as it leads the race for a clean energy transition in the post-COVID world,” said Eric Francia, president of AC Energy. “Our partners’ in-depth market expertise strengthens our leadership position in Vietnam as we aim to play a significant role in green recovery by building climate resilience and creating jobs. We remain well positioned to be one of the largest listed renewable energy platforms in South East Asia and achieve 5,000 MW of renewable energy capacity by 2025. ”