AYALA-LED AC Energy Corp. and its partners are pouring in $445 million for the joint development of five wind farms in Vietnam as the publicly listed energy platform recognizes the country as ideal for sustainable investments.
On Tuesday, AC Energy said that the funding covers wind projects under construction in various parts of Vietnam, including the 170-megawatt (MW) Mui Ne wind farm in Binh Thuan province; the Lac Hoa and Hoa Dong wind farms with an aggregate capacity of 60 MW; the 252-MW Quang Binh wind farm; and the 88-MW Ninh Thuan wind farm.
The firm, through its corporate communications division, told BusinessWorld on Tuesday that all five wind farms are slated for operations this year.
At present, the company’s renewable energy (RE) projects in Vietnam have reached 637 MW in attributable capacity.
“Vietnam is an ideal place for sustainable investments as it leads the race to clean energy transition in the post-COVID world,” Eric T. Francia, AC Energy President and Chief Executive Officer said in an e-mailed statement.
“Our partners’ deep market expertise bolsters our leadership position in Vietnam as we aim to play a meaningful role in the green-led recovery by building climate resilience and creating jobs,” he added.
AC Energy International Chief Operating Officer Patrice R. Clausse said they are establishing a solid track record in the country through these “landmark” sustainable investments.
“We will continue to develop large-scale developments to support Vietnam’s goal to increase the share of renewables in their energy mix,” he said.
With the completion of its wind farms and the upcoming infusion of its international assets, AC Energy said that it is set to hit 2,500 MW of RE projects this year — making up half of its 2025 renewables capacity target.
Back home, AC Energy has an attributable capacity of around 1,200 MW. The local firm aims to become the largest listed platform in Southeast Asia. — Angelica Y. Yang