MANILA - Ayala Corp said Wednesday its energy unit will build solar power projects in Vietnam under a partnership agreement with Hanoi-based BIM Group.
AC Energy and BIM Group broke ground on an initial 30-MW project on Jan. 23 and up to 300 MW in capacity was set to be built in Ninh Thuan province, Ayala Corp told the stock exchange.
Conergy Asia and ME was tapped to build the 800-billion dong (P1.8 billion) project.
"We are delighted to partner with BIM group, which has a significant presence in Ninh Tuan province, which in turn has among the best solar irradiance in the country”, said AC Energy CEO Eric Francia.
Solar irradiance is the amount of power that can be derived from sunlight, according to US space agency NASA.
Last week, Ayala Corp said it restructured its energy business to create one platform for renewables and another for thermal power.