AC Energy to put up two new solar plants in Central Luzon

Ayala-led AC Energy Philippines Inc. is set to develop two new solar plants in Central Luzon with an aggregate capacity of up to 150 megawatts (MW), and a cumulative worth of P6.2 billion.

In a regulatory filing on Wednesday, the company said the first plant is a solar plant with up to 75MW capacity located in Arayat and Mexico in Pampanga, estimated at P3.3 billion.

The project, expected to start power generation in the fourth quarter of 2021, is a joint venture with Citicore Renewable Energy Corp. with a 50% economic ownership.

AC Energy will also set up a fully-owned 75MW solar plant in Palauig, Zambales, with a projected cost of P2.9 billion.

It is expected to reach completion in the first quarter of 2022, and will be in close proximity to the 60MW GigaSol Palauig solar plant of the company currently under construction.

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

"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 elaborated.

The two new solar plants will bring AC Energy's total Philippine projects under construction to 480MW, which includes 330MW of solar and 150MW of peaking diesel plants.

Formerly Phinma Energy Corp., AC Energy counts as subsidiaries Phinma Renewable Energy Corporation; CIP II Power Corporation; One Subic Oil Distribution Corp.; One Subic Power Generation Corporation; Phinma Power Generation Corporation; and Phinma Solar Energy Corporation.

It also has stakes in Phinma Petroleum and Geothermal, Inc.; Palawan55 Exploration & Production Corporation; South Luzon Thermal Energy Corporation; ACTA Power Corporation; and Maibarara Geothermal, Inc.

The company aims to be the largest listed renewables platform in Southeast Asia, with the goal of reaching 5,000MW of renewables capacity, by 2025.—AOL, GMA News