Ayala Corp. said unit AC Energy International Holdings Pte. Ltd. acquired a 25-percent ownership of Singapore-based The Blue Circle Pte. Ltd. which has wind projects in Southeast Asia.
Ayala Corp. said in a disclosure to the stock exchange that AC Energy International, a subsidiary of power generation arm AC Energy Inc., and TBC agreed to jointly develop, construct, own and operate a pipeline of around 1,500 megawatts of wind projects across Southeast Asia, including 700 MW in Vietnam.
Singapore-based TBC developed and constructed one of the first wind farms in Vietnam. TBC focuses on developing and investing in utility scale wind projects in Southeast Asia with pipeline in Vietnam, Indonesia, Thailand and Cambodia. It was founded in 2013 and has a management team with 79 years of combined renewable energy experience.
“We are excited to partner with The Blue Circle as we expand rapidly across the region. Our strategic partnership builds on our combined expertise, strong financing capabilities and robust development pipeline,” said AC Energy chief executive officer Eric Francia.
“We’re gonna begin this relationship by focusing first on Vietnam because that’s where a lot of the action is obviously. We have a limited window, a defined window, unlike before there was no deadline. Now there is a deadline for the wind feed-in tariff. November 2021 is the deadline for wind,” Francia said.
AC Energy’s renewable energy pipeline continues to grow as the joint venture expects to start construction of around 200 MW of wind farms in Vietnam in 2019.
AC Energy earmarked $100 million as equity in the initial 200-MW wind projects with TBC, the leading developer of wind energy projects in Southeast Asia with offices in Ho Chi Minh City, Bangkok and Phnom Penh.
TBC looks to bridge the gap in project development in the region by bringing international project development experience, financial expertise and capabilities together with local market understanding.
AC Energy is the energy platform of Ayala Corp., one of the largest business groups in the Philippines.
AC Energy is one of the fastest growing energy companies with over $1 billion of invested and committed equity in renewable and thermal energy in the Philippines and around the region.