AC Energy Corp. (Acen) is boosting its solar energy portfolio by at least 863 megawatts, cuing funds to pursue its own projects while entering into a new partnership to develop other sites.
The Ayala group’s power generation unit said its executive committee has approved an expenditure kitty related to a proposed 288-MW new solar project in Cagayan province as well as a 275-MW expansion of the 63-MW Gigasol solar farm in Zambales.
One of five new Acen facilities that began operating this year, the P2.39-billion Gigasol Palauig facility has started delivering electricity to the grid and is expected to generate more than 90 million kilowatt-hours of electricity.
Meanwhile, the project in Cagayan will rise in the towns of Buguey and Lal-lo. Acen has established its presence there by aiding local governments respond to the pandemic and conducting livelihood training for locals.
The committee also approved the company’s entry into a joint venture with ib vogt Singapore Pte. Ltd. for the development of an initial 300 MW of solar photovoltaic projects in the Philippines. ib vogt Singapore is an affiliate of Germany-based ib vogt GmbH, which focuses on developing and delivering large-scale turnkey solar photovoltaic plants worldwide.
Acen now has more than 1,000 MW of attributable capacity in the Philippines, of which almost half is based on renewable energy technology.
These latest developments will contribute to the company’s efforts to build up a portfolio of 5,000 MW of renewable energy capacity by 2025, and become Southeast Asia’s largest listed renewable energy platform.
Toward this goal, the company previously took steps to further strengthen its balance sheet and augment its cash position.
Last January, Acen raised through a stock rights offering ₱5.4 billion representing 2.27 billion primary shares.
Acen thereafter wrapped up a private placement of P11.9 billion from Singapore’s sovereign wealth fund GIC in exchange for 4 billion of its primary shares.
“Our strong balance sheet is complemented by a robust pipeline of renewable projects, and our highly capable and motivated team places AC Energy in an excellent position to play a meaningful role in the green-led recovery,”
Acen president Eric Francia said in a statement.
