BIM Group, AC Energy sign for 280MW solar project in Vietnam
Vietnamese investment and development company BIM Group has partnered with AC Energy, the power arm of the Ayala Group, for the development of a solar plant in Vietnam.
The organisations have now signed EPC (engineering, procurement and construction) contracts and financing documents for the development of the BIM Solar Power Plant in Ninh Thuan province, according to an announcement by BIM. The project is set to commence operation in June 2019.
At present, the project has a peak output of 30MW, and the new contracts are set to increase this to 280MW.
This will make the BIM plant the largest solar farm in Southeast Asia, and it is expected to generate 545mn kWh of clean energy per year.
EPC contractors for the project have been named as Bouygues Énergies & Services, a French multinational industrial group; and Juwi, a German renewable power company.
BIM Group will be the majority shareholder of the project. BIM currently has operations across several sectors from tourism and real estate to agriculture and renewable energy. It currently employs over 7,000 people.
AC Energy is the energy platform of Ayala, which is one of the largest companies in the Philippines. AC Energy currently has over $1bn invested and committed to renewable and thermal energy.
Drax advances biomass strategy with Pinnacle acquisition
The Group’s enlarged supply chain will have access to 4.9 million tonnes of operational capacity from 2022. Of this total, 2.9 million tonnes are available for Drax’s self-supply requirements in 2022, which will rise to 3.4 million tonnes in 2027.
The £424 million acquisition of the Canadian biomass pellet producer supports Drax' ambition to be carbon negative by 2030, using bioenergy with carbon capture and storage (BECCS) and will make a "significant contribution" in the UK cutting emissions by 78% by 2035 (click here).
This summer Drax will undertake maintenance on its CfD(2) biomass unit, including a high-pressure turbine upgrade to reduce maintenance costs and improve thermal efficiency, contributing to lower generation costs for Drax Power Station.
In March, Drax secured Capacity Market agreements for its hydro and pumped storage assets worth around £10 million for delivery October 2024-September 2025.
The limitations on BECCS are not technology but supply, with every gigatonne of CO2 stored per year requiring approximately 30-40 million hectares of BECCS feedstock, according to the Global CCS Institute. Nonetheless, BECCS should be seen as an essential complement to the required, wide-scale deployment of CCS to meet climate change targets, it concludes.