AYALA-LED AC Energy Corp. said its joint venture in Vietnam will be developing a battery energy storage system (BESS) facility that will receive funding from the US Consulate.
In a disclosure on Monday, the listed energy firm said the US Consulate in Ho Chi Minh provided a $2.96-million grant to help the former’s joint venture AMI AC Renewables to develop the pilot utility-scale project.
The energy storage facility, which will have a capacity of 15 megawatt-hours (MWh)/7.5 MW, will be integrated in Ami AC Renewables’ existing 50-MW solar farm in Vietnam’s Khanh Hoa province.
“The project is expected to demonstrate the technical and economic capabilities of the energy storage technology, and showcase how it can help maximize the efficiency and reliability of renewable energy (RE),” the firm said.
Patrice R. Clausse, chief operating officer of AC Energy International who also chairs the AMI AC Renewables board of directors, said energy storage is set to play an important role in the energy transition, and help unlock the potential of renewables.
“We are very excited about the opportunities that lie ahead in harnessing this enabling technology, and together with AMI, we will aim to secure Vietnam’s renewable energy sources while helping the country achieve its sustainability goals,” he said.
Chargé d’Affaires ad interim Marie C. Damour said the US Consulate is pleased to support Vietnam’s efforts to strengthen its RE power generation and lessen its dependence on coal.
“This project aims to show how cutting-edge US energy storage technology can advance these goals, and catalyze Vietnam’s transition to a clean energy economy for a climate-resilient future,” AC Energy quoted the official as saying.
AMI AC Renewables is a joint venture of AC Energy and Vietnamese RE platform AMI Renewables. AMI AC Renewables operates solar facilities with a total capacity of 80 MW-peak in Khanh Hoa and Dak Lak provinces.
AMI AC Renewables is targeting to develop a renewables pipeline of 2,000 MW.
Back home, AC Energy aspires to reach a renewables capacity of 5,000 MW by 2025 as it hopes to become Southeast Asia’s largest listed RE platform.
The Ayala group’s energy platform currently has six power projects in Vietnam, with some under construction.
AC Energy shares at the local bourse shed around 4.59% or 52 centavos to finish at P10.80 apiece on Monday. —
Angelica Y. Yang