AC Energy, TBC begin 1st phase of 170-MW wind project in Vietnam

Philippines-based Ayala Corp (PSE:AC) said in a regulatory filing today that its energy platform AC Energy Inc would begin the immediate construction of a 40-MW portion of the Mui Ne wind farm in Vietnam.

AC Energy and its partner, Southeast Asian wind project developer The Blue Circle Pte Ltd (TBC), have signed a shareholders’ agreement to jointly construct the Mui Ne wind farm in the Binh Thuan province of Vietnam. The project has the potential to be expanded to 170 MW.

The construction of the 40-MW phase will cost an estimated USD 92 million (EUR 82.2m), to be funded by debt and equity. The project is expected to be finalised in the first half of 2020, ahead of the new wind feed-in tariff (FiT) deadline of November 2021.

Denmark’s Vestas Wind Systems A/S (CPH:VWS) will supply and install ten V150-4.2 MW wind turbines. Afterwards, it will provide maintenance services under the 10-year AOM5000 agreement.

In November 2018, AC Energy indirectly acquired a 25% ownership stake in TBC and co-investment rights in the developer’s projects. The duo will jointly develop, build, own and operate TBC’s pipeline of approximately 2 GW of renewable energy projects in Southeast Asia.

(USD 1.0 = EUR 0.89)

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