AC Energy (ACEN) will be temporarily slowing down on its renewable energy (RE) venture in Myanmar, amid the worsening situation in the country.
In a Manila Bulletin report, AC Energy President and CEO Eric Francia said the firm will have to wait for the situation in Myanmar to stabilize before proceeding with the venture. Nonetheless, the Ayala-led company said it remains hopeful and still recognizes the country’s long-term potential.
ACEN signed a joint venture with Yoma Strategic Holdings Ltd., its partner for the Myanmar market, back in 2019. The two companies planned to concretize up to 200 megawatts of utility-scale RE installations to be brought to commercial fruition in the country’s energy sector.
Meanwhile, AC Energy also has another overseas market in India, which is also going through a different crisis due to the sharp rise in COVID-19 cases. However, Francia noted that the firm’s projects there remain stable and are in a very much in a manageable state.
Last year, the firm announced the development of its 100-megawatt Sitara solar farm project in the desert state of Rajasthan, this time a tie-up venture with UPC Renewables. The $67 million project recently received funding from the US International Development Finance Corporation.
