Quang Binh Province backs AC Energy’s push for RE projects in Vietnam
June 09, 2018 | Makati City, Philippines — The Quang Binh Province Authority has expressed its support to AC Energy’s plan of developing renewable energy projects in Vietnam, particularly in wind power generation.
Ayala Corporation Chairman and CEO Jaime Augusto Zobel de Ayala (Right) welcomes the Vietnamese guests
led by Vietnamese Ambassador to the Philippines Lý Quốc Tuấn (Left)
As a manifestation of this support, the Vietnamese local government unit, through its Investment Promotion Delegation led by the Quang Binh Province ĐCSVN Chief Secretary and Chairman of Quang Binh Province People’s Council Hoàng Đăng Quang, signed a memorandum of understanding with AC Energy led by its President and CEO Eric Francia on an investment in a wind power project in the province. AC Energy, through its subsidiary New Energy Investments (NEI), plans to invest in the 352-MW B&T wind farm in Quang Binh Province with a total estimated cost of USD 493 million.
The signing event was witnessed by Vietnamese Ambassador to the Philippines Lý Quốc Tuấn and Ayala Corporation Chairman and CEO Jaime Augusto Zobel de Ayala. Also present were other officers of the Ayala group and the NEI management team led by its director Bolat Duisenov and its CEO Nguyễn Nam Thắng.
Signing the MOU are (seated from L-R) NEI and B&T Windfarm JSC CEO Nguyễn Nam Thắng, Quang Binh People’s Council Chairman Hoàng Đăng Quang, and AC Energy President and CEO Eric Francia
Quang Binh People’s Committee Executive Vice Chairman Nguyễn Xuân Quang presents a token to Ayala Chairman and CEO Jaime Augusto Zobel de Ayala
Quang Binh Province can has a potential to develop 800MW-1,000MW of wind power, and has been actively pitching investment opportunities to investors in the power sector. For its part, AC Energy is pursuing an investment strategy for 5GW in attributable capacity of renewable energy projects in Asia by 2025. Of the said target, the company intends to invest in a capacity of 1GW of wind and solar power projects through joint ventures between its subsidiary AC Energy Vietnam Investments Pte. Ltd. and local Vietnamese partners.