Solar panels. Credit: Mark Merner on Unsplash.

AC Energy, a subsidiary of Philippines-based firm Ayala, has signed an engineering, procurement and construction (EPC) and financing documents for the development of new solar plants in Vietnam.

The signing marks the second renewable energy platform in Vietnam for the company, in partnership with AMI Renewables Energy Joint Stock.

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The solar projects will be built with an estimated to cost of $83m, which will be financed with debt as well as equity. AC Energy will participate with at least 50% economic share.

“The joint venture company is planning to build 80MW solar farms in the Vietnamese provinces of Khanh Hoa and Dak Lak.”

As per the terms of the agreement, the joint venture company is planning to build 80MW solar farms in the Vietnamese provinces of Khanh Hoa and Dak Lak.

The solar farms are expected to begin their operations by June next year.

AC Energy president and CEO Eric T Francia said: “We are excited to expand our development initiatives in Vietnam and work with our local partner AMI Renewables.

“We appreciate the strong commitment of Vietnam government to promote renewables and the strong support from our banking partners that are providing project finance.”

For the Dak Lak and Khanh Hoa projects, Indovina Bank of Vietnam and RCBC of the Philippines have agreed to provide non-recourse financing.

Last year, AC Energy created a platform company with AMI Renewables to build renewable energy plants in Vietnam, including the 352MW Quang Binh wind project.

Earlier this month, AC Energy agreed to divest a thermal platform to boost its renewables segment.

The divestiture includes GNPower Mariveles and GNPower Dinginin assets, which represent nearly 35% of AC Energy’s attributable capacity in thermal.