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 with estimated an cost of US$92 million, which can be expanded to 170 megawatts (MW), Ayala Corp told the stock exchange.

The Filipino firm will have 62% economic ownership of the project with a 50-% 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% 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.

Last November, AC Energy formed joint venture with AMI Renewables Energy to build solar farms in the provinces of Khanh Hoa and Dak Lak, to be commissioned in time for the June 2019 solar feed-in tariff deadline.

The projects are estimated to cost US$83 million, financed with debt and equity. AC Energy will participate with at least 50% economic share.

According to a master plan, solar power is expected to become Vietnam’s main new renewable energy source in the future, with installed capacity to be increased from around six to seven megawatts at the end of 2017 to 850MW by 2020, accounting for 1.6% of the country’s power generation and 12,000MW by 2030 or 3.3% of Vietnam’s power generation.