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As AC Energy takes significant strides in leading Asia Pacific’s shift to renewable energy, the company has long set its sights in a country with all the fundamentals to be the region’s leader in sustainable power. Already operating 525 MW of renewables capacity among its solar and wind farms, with 440 MW more under construction, Vietnam is AC Energy’s largest market to date outside of the Philippines.
Since 2017, AC Energy has been pushing its renewables agenda to become a primary mover in Vietnam, whose impressive renewable energy growth remains fairly unaffected by the pandemic, and whose favourable tariff system makes it a priority market for the company.
“Vietnam is an ideal place for sustainable investments as it leads the race to clean energy transition in the post-COVID world,” said Eric Francia, AC Energy President and CEO. “Our partners’ deep market expertise bolster our leadership position in Vietnam as we aim to play a meaningful role in the green-led recovery by building climate resilience and creating jobs. We remain well-poised to be one of the largest listed renewables platforms in Southeast Asia, and reach 5,000 MW of renewables capacity by 2025.”
Through AC Energy’s transformational partnerships with key energy players, the company’s renewables footprint continues to expand rapidly to include some of the most notable developments in Vietnam to date.
The company’s maiden project in the country, the 405 MW Ninh Thuan solar farm, is one of the largest solar farms in Southeast Asia. Developed together with the BIM Group and energized in 2019, the solar farm recently reached a significant milestone with 1 billion kWh output, clocking in 183,682 man hours for a sterling performance on health and safety with zero lost time due to accident. Subsequently, the 80 MW Khan Hoa and Dak Lak solar farms, developed in partnership with AMI Renewables, also started its operations in 2019 and have since been contributing to the country’s clean energy supply.
In 2020, as the world grappled with the COVID-19 pandemic that led to a global economic downturn, Vietnam’s renewable energy sector remained vibrant, fully supported by its government through policies such as the feed-in-tariff for wind power first introduced in 2018.
AC Energy leveraged on Vietnam’s strong wind resource potential, making a strategic pivot to jointly develop wind projects with its partners to invest a total of US$ 445 million in the country, with the company’s wind projects under construction reaching 440 MW in capacity.
AC Energy partnered with The Blue Circle to develop the 80 MW Mui Ne wind farm located in the Binh Thuan province, with project construction in full swing. With a 170 MW expansion potential, the partners prioritized the adoption of new technologies in the wind farm, with the turbines to be installed carrying the largest rotor diameter for an onshore project in Asia at 158 meters.
In the Soc Trang province of Southern Vietnam, two wind farms are being developed by AC Energy with long time partner, UPC Renewables. The Lac Hoa and Hoa Dong wind farms, with an aggregate capacity of 60 MW, will feature the tallest towers in Vietnam with a record hub height of 162 meters.
The largest onshore wind farm in Vietnam, the 252 MW Quang Binh wind farm, is AC Energy’s latest partnership with AMI Renewables. Foundation works for 52 out of the 60 turbines are already completed with 14 turbines installed, while the project’s transmission lines are also completed and both substations energized. The project will feature wind turbines at a hub-height of 145 meters to optimize the wind energy production.
Meanwhile, the 88 MW Ninh Thuan wind farm, AC Energy’s latest development with the BIM Group, recently completed its foundation pour, with six turbines fully erected and installed. The wind farm’s transmission lines and substation are already completed and ready for energization.
“These project milestones happening in Vietnam all make for a really exciting period in our renewables expansion,” said Patrice Clausse, COO of AC Energy International. “We are carving a niche for AC Energy through our landmark sustainable investments, establishing a solid track record in this country. We will continue to develop large-scale developments to support Vietnam’s goal to increase the share of renewables in their energy mix.”
With four wind farms set to be operational within 2021, and with the upcoming completion of the infusion of its international assets that will bring 1,408 MW of renewables capacity, AC Energy’s renewable energy portfolio is set to reach 2,500 MW within the year, already in the halfway mark of its target to reach 5,000 MW of renewables capacity by 2025.