AC Energy, a wholly owned subsidiary of Ayala Corporation, in partnership with AMI Renewables Energy Joint Stock Co., signed EPC and financing documents for the development of solar plants in Vietnam.
The joint venture announced its plans to build solar farms totaling 80 megawatts in the provinces of Khanh Hoa and Dak Lak, to be commissioned in time for the June 2019 solar feed-in tariff deadline.
“We are excited to expand our development initiatives in Vietnam and work with our local partner AMI Renewables,” said Eric T. Francia, AC Energy President and CEO. “We appreciate the strong commitment of Vietnam government to promote renewables, and the strong support from our banking partners that are providing project finance.”
The projects are estimated to cost USD 83 million, financed with debt and equity. AC Energy will participate with at least 50% economic share.
Indovina Bank of Vietnam and RCBC of the Philippines will provide non-recourse financing for the Dak Lak and Khanh Hoa projects respectively.
AC Energy formed a platform company with AMI Renewables last year to build renewable energy plants in Vietnam, including the 352 MW Quang Binh wind project.