AC Energy's participation in Vietnam renewable energy (RE) projects has reached 1,000 megawatts (MW), the power arm of conglomerate Ayala Corp. said Tuesday.

Of the figure, 637MW is attributable to AC Energy.

The company's maiden project in Vietnam is the 405 MW Ninh Thuan solar farm, which was energized in 2019. AC Energy partnered with the BIM Group to develop this.

Subsequently, the 80 MW Khan Hoa and Dak Lak solar farms, developed in partnership with AMI Renewables, also started its operations in 2019 and have since been contributing to Vietnam's clean energy supply.

AC Energy also leveraged on Vietnam's strong wind resource potential, making a strategic pivot to jointly develop wind projects with its partners to invest a total of $445 million in the country, with the company's wind projects under construction reaching 440 MW in capacity.

It partnered with The Blue Circle to develop the Mui Ne wind farm in the Binh Thuan province, with project construction in full swing. With a 170 MW expansion potential, the partners in the Soc Trang province of Southern Vietnam, two wind farms are being developed by AC Energy with long time partner, UPC Renewables. The Lac Hoa and Hoa Dong wind farms have an aggregate capacity of 60 MW.

The largest onshore wind farm in Vietnam, the 252 MW Quang Binh wind farm, is AC Energy's latest partnership with AMI Renewables. Foundation works for 52 out of the 60 turbines are already completed with 14 turbines installed, while the project's transmission lines are also completed and both substations energized.

Meanwhile, the 88 MW Ninh Thuan wind farm, AC Energy's latest development with the BIM Group, recently completed its foundation pour, with six turbines fully erected and installed. The wind farm's transmission lines and substation are already completed and ready for energization.

"These project milestones happening in Vietnam all make for a really exciting period in our renewables expansion," said Patrice Clausse, COO of AC Energy International. "We are carving a niche for AC Energy through our landmark sustainable investments, establishing a solid track record in this country. We will continue to develop large-scale developments to support Vietnam's goal to increase the share of renewables in their energy mix."

With four wind farms set to be operational within 2021, and with the upcoming completion of the infusion of its international assets that will bring 1,408 MW of renewables capacity, AC Energy's renewable energy portfolio is set to reach 2,500 MW within the year, already in the halfway mark of its target to reach 5,000 MW of renewables capacity by 2025.

Since 2017, AC Energy has been pushing its renewables agenda to become a primary mover in Vietnam.

"Vietnam is an ideal place for sustainable investments as it leads the race to clean energy transition in the post-COVID world," said Eric Francia, AC Energy President. "Our partners' deep market expertise bolster our leadership position in Vietnam as we aim to play a meaningful role in the green-led recovery by building climate resilience and creating jobs. We remain well-poised to be one of the largest listed renewables platforms in Southeast Asia, and reach 5,000 MW of renewables capacity by 2025."

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