Week in ASEAN: Vietnam sets long-term renewable goals as solar auctions beckon, AC Energy Set to Buy the Major Number of Stakes in 45 – MW Philippine Solar Park, AboitizPower Plans 975 MW of Solar, Wind in the Philippines and More

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Vietnam Sets long-term Renewable Goals as Solar Auctions Beckon

Nearly a third of Vietnam’s primary energy supply could be covered by green energy by 2045, according to government proposals emerging as the country prepares to hold PV auctions. The 97-million-inhabitant state and current solar hotspot in Asia will work to ensure renewable energy accounts for a 15-20% share by 2030 and grows to 25-30% by 2045, under targets set out this month by Vietnam’s Politburo. The resolution, signed by Communist Party general secretary Nguyen Phu Trong, is meant as a blueprint to strengthen Vietnam’s energy fleet in the long run. The sector remains “limited and weak” and must keep up with soaring energy use in the coming decades, the document notes.

AC Energy Set to Buy the Major Number of Stakes in 45 – MW Philippine Solar Park

AC Energy Inc on Wednesday announced that it can proceed with the acquisition of a majority stake in a 45-MW solar power facility on the island of Negros, the Philippines, after the country’s competition commission cleared the deal. The regulator decided on February 13 that the transaction would not hurt competition, the company said. The decision comes after the signing of an agreement between AC Energy and investors in San Carlos Solar Energy Inc, which owns and operates the solar asset, in November. Then, the company agreed to buy the share of Macquarie Infrastructure Holdings (Philippines) Pte Ltd, Langoer Investments Holding BV and the Government Service Insurance System in the solar park for about PHP 2.772 billion (USD 54.8m/EUR 50.7m).

AboitizPower Plans 975 MW of Solar, Wind in the Philippines

Philippine power company Aboitiz Power Corp is looking to invest close to PHP 34 billion (USD 670.7m/EUR 615.4m) to realise 975 MW of solar and wind projects in the home country’s Pangasinan province. The Philippine Star, a local English-language news outlet, reported Tuesday that Aboitiz Power executive Cris Faelnar had met with the Pangasinan provincial board to present some of the projects. The power company is reported to be seeking to install some 650 MW of solar power and 325 MW of wind across several areas in the province. Aboitiz has not yet studied the wind potential at chosen locations, but if it proves satisfactory, the company will proceed with the development, according to the report. The Philippine Star says that Aboitiz had already entered into an agreement with the Department of Environment and Natural Resources since the project execution would involve crossing mostly public and forest land.

UOB Malaysia agrees on a financial deal with Ditrolic Solar Group for Solar Power Systems

Commercial and industrial rooftop solar panel provider Ditrolic Sdn Bhd (DSB), has signed an agreement with United Overseas Bank (Malaysia) Bhd (UOB Malaysia) to provide installation and management services of solar power systems for the bank’s corporate clients. Under the agreement, DSB will help UOB Malaysia’s clients identify solar power solutions and provide them with installation, commissioning, operations and after-sales service packages for their factories and offices. The collaboration marks the fourth tie-up between UOB Malaysia and a leading solar energy provider under its U-Solar programme, Asia’s first solar industry ecosystem that connects businesses and consumers across the entire value chain.

Sunseap and Singapore’s Boustead Projects announce a Solar Power Partnership

Singapore-based real estate solutions company Boustead Projects Ltd (SGX:AVM) and local clean energy provider Sunseap Group Pte Ltd on Thursday announced a collaboration on rooftop solar installations and energy provision. Sunseap, through its subsidiary Sunseap Leasing Pte Ltd, will be Boustead’s exclusive solar power partner under a contract with its subsidiary Boustead Funds Management Pte Ltd. As part of the partnership, Sunseap will potentially install rooftop solar systems at Boustead Projects leasehold properties and managed real estate projects. In addition, Sunseap will be able to provide clean energy solutions and energy to its partner’s clients and tenants.

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