AC Energy in new tie-up with Myanmar firm

Published October 14, 2019, 12:00 AM

by manilabulletin_admin

By Myrna M. Velasco

The energy investment arm of the Ayala group has cemented a new partnership with Myanmar company Yoma Strategic Holdongs Ltd. for a joint venture in renewable energy that will likely command an investment of $30 million.

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AC Energy said it signed a binding term sheet with Yoma Strategic for the targeted investment and 50:50 joint venture deal.

“The new joint venture plans to invest in Yoma Micro Power,” a statement of the Ayala firm has emphasized.

Particularly, the two firms are exploring to jointly develop 200 megawatts of renewable energy power projects.

AC Energy similarly indicated that the JV firm will be exploring big ticket utility-scale RE projects.

Nevertheless, it has not been specified yet what RE technology will be the jump-off point of developments they will be pursuing.

Yoma Strategic Chief Executive Officer Melvyn Pun said “supply of electricity is one of the largest opportunities in Myanmar and also one of the biggest bottlenecks for economic development.”

Patrice Clausse, chief operating officer of AC Energy Renewables, asserted that this tie-up with the Myanmar firm will be the Ayala firm’s entry point to become part of that country’s RE journey “in a significant way.”

The Ayala group’s energy investment unit is continuously searching for opportunities offshore – not just in Southeast Asia but even in the greater core of the Asian region.

The group has already announced investment plants in Vietnam, Indonesia, Australia, Taiwan, South Korea and India for portfolio developments that are mostly in the RE space.