AC Energy Inc. and The Blue Circle Pte. Ltd. (TBC) are committed to jointly build renewable-energy projects with around 2,000 megawatts of capacity across Southeast Asia, including 700 MW of RE projects in Vietnam.

Both recently signed a shareholders?agreement to jointly construct, own and operate the Mui Ne Wind Farm located at the Binh Thuan province, Southeastern coast of Vietnam.

Construction for Phase 1 of the 40-MW wind farm will commence immediately with an estimated cost of $92 million, to be financed by debt and equity. The wind farm has an expansion potential of up to 170 MW.

AC Energy accounts for over 62 percent of the economic ownership including its 50-percent direct voting stake. Project completion of the first phase is expected in the first half of 2020, in time for the new wind feed-in-tariff deadline of November 2021.

Vestas was awarded the contract to supply and install 10 V150-4.2 MW wind turbines, as well as a 10-year AOM5000 energy-based service agreement. The Vestas V150-4.2 MW wind turbine is considered one of the highest-producing turbines in the industry and is thus expected to deliver a competitive cost of energy for the project.

In November 2018, AC Energy through its subsidiary AC Energy International Holdings Pte. Ltd. acquired a 25-percent ownership of TBC, as well as coinvestment rights in TBC’s projects.

TBC developed and constructed one of the first wind farms in Vietnam, Dam Nai JSC, while AC Energy owns and operates the first wind farm in Southeast Asia, North Wind Power.

AC Energy is scaling up its RE investments and is an active participant in Vietnam’s RE sector.