AC Energy buys into Singapore’s TBC for 1,500-MW power project
By Lenie Lectura – November 14, 2018
from Business Mirror
AC Energy International Holdings Pte. Ltd., a subsidiary of AC Energy Inc., has acquired around 25 percent of Singapore-based The Blue Circle Pte. Ltd. (TBC), the leading developer of wind-energy projects in Southeast Asia.
The acquisition will lead to a joint development, construction, ownership and operation of TBC’s pipeline of wind projects estimated to reach 1,500 megawatts across Southeast Asia, of which 700 MW of wind-power projects will be located in Vietnam. AC Energy and TBC will start with the construction of around 200 MW of wind farms in 2019.
AC Energy CEO Eric Francia said the company’s equity in the initial 200 MW of wind-farm projects is equivalent to $100 million. The initial projects, he said, are expected to be operational by 2020.
“We are excited to partner with The Blue Circle as we expand rapidly across the region,” Francia said. “Our strategic partnership builds on our combined expertise, strong financing capabilities and robust development pipeline.”
TBC focuses on developing and investing in utility scale wind projects in Southeast Asia with pipeline in Vietnam, Indonesia, Thailand and Cambodia, among others. It was founded in 2013 and has a management team with 79 years of combined renewable-energy experience.
“We are now [focused on] Vietnam. We have three partners in Vietnam; all of them have wind-power components,” Francia said.
AC Energy Inc. and AMI Renewables Energy Joint Stock Co. will jointly develop up to 80 MW of solar-power capacity in Vietnam.
Both signed engineering, procurement and construction contract and financing documents for the development of solar plants in the provinces of Khanh Hoa and Dak Lak, to be commissioned in time for the June 2019 solar feed-in-tariff deadline. The projects are estimated to cost $83 million, financed with debt and equity. AC Energy will participate with at least 50 percent economic share.
AC Energy formed a platform company with AMI Renewables last year to build renewable energy plants in Vietnam, including the 352 MW Quang Binh wind project.
This is AC Energy’s second renewable energy platform in Vietnam.
AC Energy earlier partnered with the BIM Group of Vietnam to develop 30 MW of solar power projects in Ninh Thuan province, Vietnam. The initial 30 MW project broke ground last January 23. It said then that investment for this phase is expected to reach 800 billion VND, or roughly P1.8 billion. Conergy Asia & ME was tapped as the construction partner.
Francia had said that the size of the solar farm contracts increased to 280 MW and that AC Energy and BIM Group plan to further expand the capacity to well over 300 MW. Once completed, the solar farm will become the largest in Southeast Asia.
