AC Energy Inc., the energy platform of the Ayala group, announced Tuesday the completion of solar energy projects in Khanh Hoa and Dak Lak provinces in Vietnam with a combined capacity of 80 megawatts in partnership with AMI Renewables.
The 50-MW Khanh Hoa solar plant was inaugurated on May 30, while the switch-on ceremony for the 30-MW Dak Lak facility was held on April 25.
“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,” said AC Energy senior vice president Miguel de Jesus.
The solar plants which were completed in time for the Vietnam government’s feed-in tariff deadline of June were built at a cost of $83 million, with AC Energy participating with at least 50-percent economic share.
Both facilities are expected to qualify for the Vietnam government’s feed-in-tariff.
The commissioning of the Khanh Hoa and Dak Lak solar plants comes only weeks after AC Energy inaugurated the 330-MW solar farm in Ninh Thuan consisting of three solar plants, its maiden greenfield project in the region.
The Ninh Thuan solar project is a joint venture of AC Energy and the BIM Group and is one of the largest solar farms in Southeast Asia.
“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,” said AC Energy chief operating officer for international Patrice Clausse.
AC Energy and AMI Renewables formed a platform company named AMI/AC Renewables Joint Stock Company in 2017 to build renewable energy plants in Vietnam.
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 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,” said Nguyen Nam Thang, chief operating officer of AMI AC Renewables Joint Stock Company.
AC Energy said that with five new solar plants in its portfolio, the company would continue to be an active participant in Vietnam’s renewable energy sector as it aims to reach its target of 5,000 MW of renewable energy capacity by 2025, with renewables contributing at least 50 percent of total energy output.