Ayala’s AC Energy eyes renewable energy investments in Vietnam

Ayala-led AC Energy Holdings Inc. is looking at renewable energy investments in Vietnam, seeing opportunities in the neighboring country's aggressive privatization of its government assets.

"We're doing a lot of early business development works in Vietnam. We're very busy right now," AC Energy president and CEO Eric Francia told reporters on the sidelines of a forum in Parañaque City.

Francia said that the company is looking at investment opportunities in the field of renewable energy such as solar and wind power.

"Right now, we're monitoring their equitization process...The government [of Vietnam] is going to privatization of assets so we're looking at that," he said.

"We're just monetizing their equitization process," he said.

Vietnam will be AC Energy's second regional investment after establishing a presence in Indonesia.

In January, the Ayala unit sealed a deal with UPC Renewables Indonesia Ltd for the construction of a $150-million wind farm in Sulawesi. It is expected to be completed by end-2017.

AC Energy has also completed the acquisition of Chevron's geothermal assets and operation in Indonesia in April.

Francia noted that its Indonesian investment currently accounts for 20 percent of its total renewable energy investments portfolio.

"We're looking at growing that over time," he said.

With the planned investments in Vietnam, said Francia, the overseas contribution to AC Energy will probably grow by 50 percent. — BM, GMA News