Singapore’s renewable energy developer and operator The Blue Circle (TBC) has signed a strategic partnership agreement with Ayala Corporation’s power subsidiary AC Energy.
Under the new partnership, the two companies will jointly develop and construct TBC’s pipeline of nearly 1,500MW of wind projects across South East Asia, more than 700MW of which will be built in Vietnam.
TBC founder, chairman and CEO Olivier Duguet said: “Ayala Corporation is one of the most respected names in South East Asia, a family owned multi-sector group founded in 1834 and still run by entrepreneurs.
“Their philosophy, along with their aggressive expansion into renewable energy in the region, fits perfectly with ours, and we are very glad to have them as strategic partners going forward.”
AC Energy currently owns a 25% equity stake in TBC and has been granted rights to invest at the project level.
AC Energy CEO Eric Francia said: “We are excited to partner with The Blue Circle as we expand rapidly across the region. Our strategic partnership builds on our combined expertise, strong financing capabilities, and a robust development pipeline.”
The two companies intend to begin construction works on 200MW of wind energy projects in Vietnam next year.
In addition to the projects in the Mekong region, TBC has developments under construction in the Philippines, Indonesia and Laos.
TBC will work with AC Energy to develop them to the energy production stage.