AC Energy Holdings Inc., the power generation unit of conglomerate Ayala Corp., unveiled a plan to build renewable energy plants with a combined capacity of several hundreds of megawatts in Vietnam over the next two to three years.
AC Energy president John Eric Francia said the company was in talks with several potential partners in Vietnam to implement the strategy.
The company’s move to look for potential renewable projects in Vietnam is part of its thrust to reach 2,000 MW of attributable capacity by 2020, with half coming from renewable energy projects.
Francia said while the company was open to all types of technologies, it was keenly interested in renewable energy.
He said Vietnam was offering positive investment opportunities.
“I believe that Vietnam market is growing double digit and my view there is that it is in need of greater supply. They have no reserve margin with double digit growth, so it is in need of additional investment,” Francia said.
Francia said he was hoping that a deal would be finalized soon. “We are trying our best,” he said.
AC Energy currently has 1,300 MW of capacity, including 300 MW of renewable energy.
AC Energy recently acquired Bronzeoak Clean Energy and San Carlos Clean Energy.
Bronzeoak Philippines is one of the leading renewable energy developers, having built over 250 MW of solar and biomass projects.
AC Energy also entered into a development funding arrangement with UPC Renewables Asia Pacific Holdings Ltd. and UPC Renewables Asia I Limited in June for the development of small island power projects in Indonesia.
“That partnership should keep up busy looking for expansion,” Francia said.
Under the terms of the agreement, AC Energy International agreed to provide funding for the development of power generation projects with sub 50-MW capacities.
AC Energy will also have accompanying rights to participate in funding other Indonesian renewable energy projects.
UPC Renewables is a leading global energy player that develops, finances, constructs, owns and operates a portfolio of renewable energy generation assets.