The Ayala Group and Quang Bihn province of Vietnam signed a memorandum of understanding to develop a 352-megawatt wind project which can cost up to $493 million.
Vietnam’s Quang Bihn Radio and Television Station reported on its website early this month the Vietnamese delegation of Quang Binh province and other officials met with Ayala Corp. president Jaime Augusto Zobel de Ayala on investment cooperation in Quang Binh province.
The website reported that Ayala expressed interest to invest in renewable energy projects in the province.
“After discussion, in the witness of the leaders of both sides, Mr. Nguyen Xuan Quang, standing vice chairman of Quang Binh Provincial People’s Committee together with representative of the group signed a memorandum of understanding on investment of B&T wind farm with a capacity of 352 MW in Quang Binh province with a total investment of $493 million; in which, the first phase has capacity of 252 MW, with a total investment of $353 million,” the report said.
Ayala’s planned investment in a wind farm in Quang Binh is expected to unlock the economic potential of the province.
AC Energy Holdings Inc., the energy arm of the Ayala Group in partnership with BIM Group of Vietnam, also agreed in January this year to jointly develop over 300 MW of solar power projects in Ninh Thuan province.
AC Energy Vietnam Investments Pte. Ltd., a wholly-owned subsidiary of AC Energy International Pte. Ltd., also entered into a 50-50 joint venture with AMI Renewables Energy Joint Stock Co., a joint stock company incorporated in Vietnam, to invest in New Energy Investments Corp.
NEI owns solar farms and wind farms in Vietnam.
AC Energy has been expanding its portfolio of renewable energy projects. AC Energy president Eric Francia earlier said the company was looking at an energy portfolio of 50 percent renewables and 50 percent coal generation mix.
AC Energy targets to exceed 5,000 MW of power generation capacity by 2025.
“Our goal is to exceed five gigawatts of capacity by 2025. We will do this by growing both in the Philippines and around the region, “ Francia said.