With this acquisition, the AC Energy and TBC will jointly develop, construct, own and operate the latter’s pipeline of around 1,500 MW of wind projects across Southeast Asia, primarily Vietnam, Thailand, Indonesia and Cambodia.
According to AC Energy President and CEO Eric Francia, he is confident that the partnership with The Blue Circle is very promising. And he can confidently say this because of their respective strengths such as combined expertise, strong financing capabilities, and robust development pipeline that would pave way to the rapid expansion across the region
He added, “What we like about this platform and partnership is they have capabilities and track record for wind developments and a good pipeline in the region”.
The initial target is Vietnam because the government has a feed-in-tariff (FIT) deadline for wind.
“Initially, it will start with 100 MW to 200 MW of wind projects in Vietnam where TBC has 700 MW of wind power projects in Vietnam and with the wind project, the AC Energy has earmarked $100 million, a portion of which will come from the proceeds from the sale of its thermal assets”, Francia said.
The AC Energy has also partnered with AMI Renewables Energy Joint Stock Co. to build solar farms totaling 80 MW in the provinces of Khanh Hoa and Dak Lak, and with the BIM Group of Vietnam to jointly develop over 300 MW of solar power projects in Ninh Thuan province.
It has also acquired a 50 percent stake in UPC Renewables Australia, which is developing the 1,000-MW Robbins Island and Jims Plain wind projects in North West Tasmania and the 600-MW New England Solar Farm located near Uralla in New South Wales. While the Australian firm also has a pipeline of 3,000 MW renewable energy project developments located in New South Wales, Tasmania and Victoria.