Ayala firm to develop 2 solar plants in Luzon

AC Energy Philippines Inc. (ACEN) is slated to develop two new solar plants in Central Luzon with an aggregate capacity of up to 150 megawatts (MW).

In a disclosure on Wednesday, ACEN said the first solar plant, located in Arayat and Mexico towns in Pampanga, has a capacity of up to 75 MW.

The facility — a joint venture between ACEN and Citicore Renewable Energy Corp.— has a project cost of up to P3.3 billion.

ACEN has 50-percent economic ownership in the Pampanga solar project, which is expected to commence power generation in the fourth quarter of 2021.

The second solar plant in Palauig, Zambales, which costs up to P2.9 billion, is fully owned by the Ayala power firm.

This solar project, expected to be completed in the first quarter of 2022, will be in close proximity to the 60-MW solar plant in Palauig that is currently under construction.

“While we are facing significant challenges amid the current crisis, ACEN remains committed to investing in the country and drive renewables expansion,” said Eric Francia, ACEN president and chief executive officer.

“We take the long view when investing, and we also recognize that investments are very much needed urgently to help reignite the economy and create jobs. This is the true meaning of sustainable investing,” he added.

The two solar facilities in the pipeline will bring ACEN’s total Philippine projects under construction to 480 MW, which includes 330 MW of solar and 150 MW of peaking diesel plants.

Meanwhile, in a separate disclosure, the ACEN Board of Directors approved the investment of up to P500 million in the construction of solar projects in Pampanga.

The board also authorized the investment of up to P2.9 billion to build the solar power plant in Palauig, Zambales through its subsidiaries ACE Endevor Inc. and Giga Ace 8 Inc.
It also ratified the executive committee’s move to infuse up to P2.2 billion in Bataan Solar Energy Inc. and Giga Ace 4 Inc.

This would be used to further the opportunities presented by emerging clean energy technologies, and for various development activities including securing land, permitting, undertaking project studies, project planning, and procuring and installing equipment available from the new technologies.

ACEN aspires to be the largest listed renewables platform in Southeast Asia, with the goal of reaching 5,000 MW of renewables capacity by 2025.

#realestateblogph | #realestateblogphpropertynews | #REBPH

Article and Photo originally posted by The Manila Times last August 22, 2020 and written by Jordeene B. Lagare.