By Victor V. Saulon Sub-Editor

AC ENERGY Holdings, Inc. is partnering with a Vietnamese group to develop more than 300 megawatts (MW) of solar power in Vietnam, its parent firm Ayala Corp. told the stock exchange on Wednesday.

Ayala Corp.’s arm in the energy sector will be jointly developing the solar energy with BIM Group of Vietnam, initially breaking ground on Jan. 23, 2018 with a 30-MW solar project valued at 800 billion Vietnamese dong or around P1.8 billion.

“AC Energy is very keen to participate in the fast-growing Vietnam power sector, with pioneering investments in renewable energy,” John Eric T. Francia, AC Energy president and chief executive officer, said in a statement.

Conergy Asia & ME Pte. Ltd. was tapped as the construction partner for the initial phase of the project, which is expected to be completed within 2018. The solar project is envisioned to be expanded by an additional 300 MW.

“We are delighted to partner with BIM group, which has a significant presence in Ninh Tuan province, which in turn has among the best solar irradiance in the country,” Mr. Francia said.

AC Energy described BIM Group as a diversified corporation based in Vietnam that has established its mark in four main business fields, namely: tourism development and real estate investment; agriculture and food; commercial services; and renewable energy.

“BIM Group has a significant experience in business development in Ninh Thuan, the host province for the solar project,” the company said.

The expansion in Vietnam comes as AC Energy aims to develop by 2020 up to 2,000 MW of capacity, of which 1,000 MW is targeted to come from renewable energy. The company had installed 1,000 MW as of 2016 from a mix of energy resources.

The disclosure follows Ayala Corp.’s announcement on Friday that it would be creating two wholly owned platforms to house its investments in renewable energy and thermal energy. 

AC Energy, its existing holding firm handling its energy projects, will be retained and will become the “umbrella brand” for the energy group of companies, which will primarily consist of AC Renewables, Inc. and ACE Thermal, Inc.

Ayala Corp. said the restructuring would be undertaken in three steps, the first of which is the creation of a new holding company, AC Renewables. It will then transfer its renewable assets to the unit.

It also said an existing thermal holdings company would be renamed ACE Thermal Inc. Its board of directors have approved the restructuring of the Ayalas’ energy business.

On Wednesday, shares in Ayala Corp. slipped by 0.96% to close at P1,035 each.

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