The Blue Circle Pte Ltd has signed a strategic partnership with AC Energy Inc., power subsidiary of Ayala Corporation, to jointly develop and construct a pipeline of projects providing about 1,500 MW of wind capacity across Southeast Asia, including more than 700 MW in Vietnam.
As AC Energy has a 25% equity stake in The Blue Circle, it will have rights to invest at the project level as well.
Together, The Blue Circle and AC Energy, expect to start construction of 200 MW of wind energy projects in Vietnam next year.
These projects will follow the completion of the 40-MW Dam Nai site construction this year by The Blue Circle, which is the sixth wind farm built in Vietnam and the largest onshore wind energy project in operation in the country.
AC Energy has earmarked US$100 million of equity to fund 2019 projects with The Blue Circle.
The Blue Circle is based in Singapore and is primarily active in the Mekong region (Vietnam, Thailand and Cambodia). The company looks to bridge the gap in project development in the region by bringing international project development experience, financial expertise and capabilities together with local market understanding.
Beside the Mekong region, The Blue Circle has projects under development in the Philippines and Indonesia, as well as in Laos, and will work with AC Energy to bring them to energy production.
AC Energy is the energy platform of Ayala, one of the largest business groups in the Philippines. AC Energy has more than $1 billion of invested and committed equity in renewable and thermal energy in the Philippines and around the region. The company aspires to develop 5 GW of attributable capacity and generate at least 50% of its energy from renewables by 2025.