One of Vietnam’s leading private groups, BIM Group, will partner with Philippines-based AC Energy, Ayala Corporation’s energy arm, to develop the BIM Solar power plant in Ninh Thuan province to turn it into the largest solar power plant in Southeast Asia.
|The representatives of BIM and AC Energy at the ground-breaking ceremony of the BIM solar power plant |
Notably, BIM Group has signed EPC and financing documents to increase the capacity of the solar power plant from 30 to 280MWp.
The joint venture plans to expand the capacity to well over 300MWp. Upon completion, the solar farm will become the largest in Southeast Asia and generate 545 million kWh of clean electricity annually.
BIM Group is the majority shareholder with a controlling interest. The corporation has completed the credit agreement with an international bank in order to secure a total loan amount of more than $200 million.
Previously in this January, BIM and AC Energy started developing BIM 1 solar power plant in Phuoc Minh commune.
The project aims to satisfy the increasing energy demand and to replace fossil energy with more sustainable and renewable alternatives, contributing to the country’s economic development and improving living standards.
Recognised as one of the leading business groups in the country, BIM’s operations are focused on four main business sectors, including tourism development and real estate investment, agriculture-food, commercial services, and renewable energy. The group is one of the few having the capacity to meet the strict quality requirements of international partners.
AC Energy Holdings, Inc., a subsidiary of Ayala Corp., develops and operates solar, wind, and hydro power generation facilities. It has been recognised as the fastest developing firm in the Philippines. AC Energy plans to expand its operation to Indonesia and other markets in Southeast Asia.
Co-operating with AC Energy, one of the largest groups of the Philippines, is expected to help BIM realise its long-term target to generate 1,000 MW of clean energy by 2025 through these projects.