AC Energy Philippines (ACEN), a subsidiary of AC Energy, has announced that it will develop two new solar power projects in Central Luzon with a combined capacity of 150MW.
The company will develop the first project with an investment of up to PHP3.3bn ($67.8m) through a 50:50 joint venture (JV) with Citicore Renewable Energy Corporation.
To be located in municipalities of Arayat and Mexico, Pampanga province, the project with up to 75MW of capacity is expected to commence operations in the fourth quarter of 2021.
The second solar project with up to 75MW of capacity will be wholly-owned by ACEN and will see an investment of up to PHP2.9bn ($59.5m).
It will be built in Palauig, Zambales province, in close proximity of the 60MW GigaSol Palauig solar project, which ACEN is currently constructing.
The solar project is expected to be completed in the first quarter of 2022.
ACEN president and CEO Eric Francia said: “While we are facing significant challenges amidst the current crisis, ACEN remains committed to investing in the country and drive renewables expansion.
“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.”
AC Energy aims to have 5GW of renewables capacity by 2025
The development of the new projects will bring ACEN’s total portfolio of projects in Philippine under construction to 480MW that includes 330MW of solar and 150MW of peaking diesel plants.
Furthermore, ACEN aims to have 5GW of renewables capacity by 2025 and become the largest listed renewable energy platform in Southeast Asia.
In May last year, Philippines-based Ayala’s subsidiary AC Energy and BIM Group launched a 330MW solar power project in Ninh Thuan province in Vietnam.
