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Philippines' Ayala signs MoU for large wind farm in Vietnam

Wind farm. Author: Dirk Ingo Franke. License: Creative Commons, Attribution-ShareAlike 2.0 Generic

July 2 (Renewables Now) - Philippine group Ayala Corp (PSE:AC) on Friday confirmed media reports that it plans to build a 352-MW wind farm in Vietnam, but added that the project is in pre-development stages and its sizing is still subject to further review.

On Thursday local media cited Vietnam's Quang Bihn Radio and Television Station as reporting that the company and Vietnam's Quang Bihn province have signed a memorandum of understanding (MoU) on investing in a wind farm with a capacity of 352 MW. The first phase of the USD-493-million (EUR 424m) project would be of 252 MW and require an investment of USD 353 million, according to the report.

The article further said that a subsidiary of AC Energy International Pte Ltd has formed an equally owned joint venture (JV) with AMI Renewables Energy Joint Stock Co, a company incorporated in Vietnam. The aim of the JV is to invest in New Energy Investments Corp, which owns solar and wind farms in Vietnam.

(USD 1 = EUR 0.860)

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Plamena has been a UK-focused reporter for many years. As part of the Renewables Now team she is taking a keen interest in policy moves.

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