AC Energy International, a subsidiary AC Energy, has acquired 25% stake in The Blue Circle as well as co-Investment rights in TBC projects.
AC Energy and TBC will jointly develop, construct, own and operate TBC’s pipeline of nearly 1.5GW of wind projects across Southeast Asia, including 700MW in Vietnam.
AC Energy CEO Eric Francia said: “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.”
The Blue Circle is a developer of wind farms in Southeast Asia with offices in Ho Chi Minh City, Bangkok, and Phnom Penh. Its growth strategy is claimed to be based on local presence in each of its markets with its own team and offices, along with a network of local partners.
The renewable energy pipeline of AC Energy continues to grow as the joint venture expects to begin construction of 200MW wind farms in Vietnam next year. The company has earmarked $100m for equity in these projects.
TBC will focus on developing and investing in utility-scale wind projects in Southeast Asia with pipelines in Vietnam, Indonesia, Thailand and Cambodia among others.
Last month, AC Energy, partnered with AMI Renewables Energy has signed an engineering, procurement and construction (EPC) contract for the development of 80MW solar portfolio in Vietnam.
These solar farms will be built in the provinces of Khanh Hoa and Dak Lak and will be commissioned in June next year for solar feed-in tariff deadline.
These projects are estimated to cost $83m, financed with debt and equity. AC Energy will participate with at least 50% economic share. Indovina Bank of Vietnam and RCBC of the Philippines will provide non-recourse financing for the Dak Lak and Khanh Hoa projects respectively.
AC Energy formed a platform company with AMI Renewables last year to build renewable energy plants in Vietnam, including the 352 MW Quang Binh wind project.