AC Energy, AMI Renewables complete second solar project in Vietnam

30 May 2019 — AC Energy, the energy platform of the Ayala group, announced the completion of its second renewable energy project in Vietnam, in partnership with AMI Renewables. The two solar plants, with a combined capacity of 80 megawatts, are located in the provinces of Khanh Hoa and Dak Lak.

The 50-MW Khanh Hoa solar plant was inaugurated on May 30, while the switch-on ceremony of the 30-MW Dak Lak facility was held on April 25. Both events were hosted by AC Energy and AMI Renewables, with key government officials and project partners in attendance.

The solar plants, which have been completed in time for the Vietnam government’s feed-in tariff deadline of June 2019, were built at a cost of US$ 83 million, with AC Energy participating with at least 50% economic share. Both facilities are expected to qualify for the Vietnam government’s feed-in-tariff.

“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 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 between 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 COO for International Patrice Clausse.

In 2017, AC Energy and AMI Renewables formed a platform company, named AMI/AC Renewables Joint Stock Company, 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 CEO of AMI AC Renewables Joint Stock Company, Nguyen Nam Thang.

With five new solar plants in its portfolio, AC Energy will continue to be an active participant in Vietnam’s renewable energy sector as it aims to reach its target of 5 GW of renewable energy capacity by 2025, with renewables contributing at least 50% of total energy output.