AC Energy, Inc. and its Vietnamese partner have signed an engineering, procurement, and construction (EPC) contract and a financing deal to develop of solar power plants in Vietnam’s Ninh Thuan province, its parent firm Ayala Corp. told the stock exchange on Monday.
“We are excited to scale up our development initiatives in Vietnam. We expect to build on this momentum and add more projects in the future,” said Eric T. Francia, AC Energy’s president and chief executive officer.
The Ayala’s business arm in the energy sector said its project with the BIM Group of Vietnam is estimated at around $237 million, which will be financed by debt and equity. AC Energy will participate with a 30% voting stake and approximately 50% economic share, it said. — Victor V. Saulon