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AC Energy expands to Southeast Asia

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AC Energy, a subsidiary of Ayala Corporation engaged in renewable energy has acquired a 25 percent stake in a Singapore-based wind developer, the Blue Circle Pte. Ltd. (“TBC”) through subsidiary AC Energy International Holdings Pte. Ltd.

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 Investment in TBC would certainly provide other opportunities for AC Energy to expand their influence in other Southeast Asian markets for its regional expansion. Currently, the AC Energy has renewable energy investments in Indonesia, Vietnam and Australia.
 
In Indonesia, the AC Energy projects include the 75-MW wind farm project in South Sulawesi in partnership with UPC Renewables Indonesia Ltd., and the 637-MW steam and power plant from the Darajat and Salak geothermal fields in the West of Java. 
 

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.

 Overall, the AC Energy has set a 5,000-MW target, a ramp up from the previous target of 2,000 MW by 2020, which will be achieved through investments in more thermal and renewable projects here and abroad to meet its target. It has sold part of its stake in its thermal platform to Aboitiz Power Corp. for $579.2 million (roughly P31 billion) to pursue its expansion of renewable energy projects.
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