AC Energy completes Vietnam solar project

MANILA, Philippines — AC Energy Inc., the energy platform of Ayala Corp., has completed its second solar project worth $83 million in Vietnam in partnership with AMI Renewables Energy Joint Stock Co.

The Ayala firm said the completed projects are composed of two solar plants with a combined capacity of 80 megawatts (MW) located in the provinces of Khanh Hoa and Dak Lak.

The partners inaugurated the 30-MW Dak Lak facility last April 25 and the 50-MW Khanh Hoa solar plant on May 30.

“This reaffirms AC Energy’s commitment to shore up our presence in the region, particularly in Vietnam’s growing power sector. We believe that this is a critical part of the country’s progress,” AC Energy COO for international Patrice Clausse said.

With a project cost of $83 million, the solar plants were completed in time for the Vietnam government’s feed-in tariff deadline of June and are expected to qualify for the FIT.

“These projects are a testament to our long-term commitment to the economic and social development of the provinces of Khanh Hoa and Dak Lak,” AC Energy senior vice president Miguel de Jesus said.

The two solar power plants are a stepping stone to reach one gigawatt of renewable energy capacity with AC Energy, AMI AC Renewables Joint Stock Company CEO Nguyen Nam Thang said.

“The successful completion of the Khanh Hoa and Dak Lak solar projects speaks to our strong partnership with AC Energy. Together, we hope to grow our renewables to 1 GW by 2025 in Vietnam,” he said.

In 2017, AC Energy and AMI Renewables formed a platform company, named AMI/AC Renewables Joint Stock Company, to build renewable energy plants in Vietnam. AC Energy has at least 50 percent economic share in AMI/AC Renewables.

The partners are in advanced discussions for the development of the Quang Binh wind project which has a potential of 200 to 300 MW.

The commissioning of the Khanh Hoa and Dak Lak solar plants come on the heels of the inauguration of the 330-MW solar farm in Ninh Thuan, AC Energy’s first greenfield project in the country.

The Ninh Thuan solar project, consisting of three solar plants, is a joint venture between AC Energy and the BIM Group and is one of the largest solar farms in Southeast Asia.

With five new solar plants in its portfolio, AC Energy said it would continue to be an active participant in Vietnam’s renewable energy sector as it aims to reach its target of 5 GW of renewable energy capacity by 2025, with renewables contributing at least 50 percent of total energy output.