AC Energy Holdings is eyeing investments and partners in the solar and wind sector in Vietnam as it targets foreign expansion, a company official said.
The company is eyeing projects in Vietnam, its second target for overseas expansion this year, AC Energy President and CEO John Eric Francia said at the 5th Annual Philippines Power and Electricity conference on Wednesday.
“We’re doing a lot of early business development works in Vietnam. We’re very busy,” Francia said.
The company is focusing on RE because the targeted country has an ongoing feed-in-tariff (FIT) scheme for wind and solar power projects.
The Vietnam government came out with an FIT for solar from June 1, 2017 until June 30, 2019. No deadline was set for the wind sector.
AC Energy is now scouting for partners to enter the Vietnam power market.
“It’s really exploring partners. We will not invest on our own in Vietnam,” Francia added. “Whether or not there’s a limitation, we want to do it with local partners.”
AC energy is also looking at conventional power projects as Vietnam is undergoing privatization process of government – owned power facilities.
“We’re also open to conventional [project]. The government is going through equitization, privatization process, so we’re looking at that,” Francia said.
However, he said that nothing is pending yet and that the company is watching the privatization process.
Apart from Vietnam, AC Energy is also targeting Indonesia for their overseas expansion. The three countries have a similar macro economic picture.