November 13 (Renewables Now) - Singapore-based renewables developer The Blue Circle Pte Ltd has joined hands with Philippine group Ayala Corp (PSE:AC) to develop a portfolio of 1,500 MW of wind projects in Southeast Asia.
The particular portfolio includes more than 700 MW of capacity in Vietnam, the companies announced on Monday. Under the strategic partnership between The Blue Circle and AC Energy, a unit of Ayala Corp, the parties will develop and construct the specific wind parks, planning to start building the first 200 MW in Vietnam next year.
AC Energy, which owns a 25% stake in The Blue Circle, has set aside some USD 100 million (EUR 88.9m) of equity to finance projects in 2019 together with its partner. The Philippine group will have rights to invest at the project level, according to the statement.
The Blue Circle mainly operates in Vietnam, Thailand and Cambodia. Earlier this month it completed the construction of the second phase of the 40-MW Dam Nai wind farm in Vietnam’s Ninh Thuan province and intends to collaborate with AC Energy to bring online more plants in the Philippines, Indonesia and Laos, it said.
(USD 1.0 = EUR 0.889)