MANILA - Ayala Corp on Monday said its subsidiary AC Energy has signed an Energy Performance Certificate (EPC) and financing documents to build its second renewable energy platform on Vietnam.
With its local partner AMI Renewables Energy Joint Stock Co, AC Energy will build solar farms totaling 80 megawatts in the provinces of Khanh Hoa and Dak Lak, Ayala Corp told the stock exchange.
AC Energy said it will participate with "at least 50 percent of economic share" to the total estimated cost of $83 million.
“We appreciate the strong commitment of Vietnam government to promote renewables, and the strong support from our banking partners that are providing project finance," AC Energy president and CEO Eric Francia said.
Philippines' RCBC and Indovina Bank of Vietnam will provide non-recourse financing for the Dak Lak and Khanh Hoa projects respectively, Ayala Corp said.