Ayala Corp said Monday its energy unit would build a wind farm in Vietnam’s southeast coast, the first phase of which will cost $92 million.
AC Energy signed a shareholder’s agreement with The Blue Circle for the Mui Ne Wind Farm Binh Thuan province. The first phase will have 40 megawatts in capacity, which can be expanded to 170 MW, Ayala Corp told the stock exchange.
The Filipino firm will have 62 percent economic ownership of the project with a 50-percent direct voting stake. The first phase is expected to be completed in the first half of 2020, Ayala Corp said.
In November 2018, AC Energy through its subsidiary AC Energy International Holdings, acquired 25 percent ownership of The Blue Circle, as well as co-investment rights in its projects.
AC Energy and The Blue Circle will jointly develop, construct, own and operate a pipeline of around 2,000 MW of renewable energy projects across Southeast Asia.