Singapore-based renewable energy developer The Blue Circle has signed a strategic partnership agreement with AC Energy Inc to develop and build 1500 MW of wind energy capacity in Southeast Asia.
The two companies will build out The Blue Circle’s wind energy project portfolio across the region, including 700 MW of capacity in Vietnam. AC Energy, a subsidiary of Ayala Corporation, has taken a 25 per cent equity stake in The Blue Circle and will have rights to invest at the project level as well.
“We are excited to partner with The Blue Circle as we expand rapidly across the region. Our strategic partnership builds on our combined expertise, strong financing capabilities, and robust development pipeline”, said AC Energy chief executive officer Eric Francia.
The Blue Circle and AC Energy expect to start construction of 200 MW of wind energy project in Vietnam in 2019. 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 $100 million of equity to fund 2019 projects with The Blue Circle. 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.