Philippines' Ayala Group to develop US$493m wind farm in Vietnam

It has a capacity of 352MW.

AC Energy, a subsidiary of the Philippines' Ayala Group, plans to invest in an ambitious wind farm project in Vietnam's Qang Binh province.

Through its subsidiary New Energy Investments (NEI), AC Energy plans to invest in the 352-MW B&T wind farm in Quang Binh Province with a total estimated cost of US$493m. The first phase of the project has a capacity of 252 MW, with a total investment of US$353m.

Earlier this month, AC Energy has inked a memorandum of understanding with the Quang Binh Province People's Council, led by its chairman Hoàng Đăng Quang. On June 29, the Ayala Group confirmed that it has entered into a 50-50 joint venture with AMI Renewables Energy Joint Stock Co., a joint stock company incorporated in Vietnam, to invest in NEI.

However, the group clarified that the sizing of the wind farm is still subject to further review and that the project is still in pre-development stages.

Quang Binh Province 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 the attributable capacity of renewable energy projects in Asia by 2025.