Ayala energy unit buys 25% of Singapore firm

The Ayala group’s energy platform has acquired a 25-percent stake in Singapore-based The Blue Circle Pte. Ltd. (TBC), which has a pipeline of power projects in Southeast Asia.

AC Energy yesterday announced it had also secured investment rights in TBC’s projects, and had earmarked $100 million of equity for that purpose, particularly wind power facilities.

“AC Energy and TBC will jointly develop, construct, own and operate TBC’s pipeline of around 1,500 megawatts of wind projects across Southeast Asia, including (about) 700 MW in Vietnam,” the company said in a statement.

In an interview, AC Energy president and chief executive Eric Francia said TBC developed and constructed one of the first wind farms in Vietnam.

Francia explained that TBC was focused on developing and investing in utility scale wind projects in Southeast Asia and had a lineup of projects in Vietnam, Indonesia, Thailand and Cambodia.

Francia also said AC Energy’s renewable energy pipeline continues to grow as the joint venture with TBC is expected to start construction of around 200 MW of wind farms in Vietnam in 2019.

“This brings to three the number of our partnerships in Vietnam,” he said.