ACEN sets sights on 60MW solar farm

BY LENIE LECTURA – SEPTEMBER 30, 2022
from Business Mirror

ACEN Corp. said it is seeking board approval to acquire Sinocalan Solar Power Corp., which is developing a solar power farm in Pangasinan.

The listed energy platform of the Ayala group disclosed Thursday its planned investment in a 60MW solar plant in Pangasinan through the acquisition of Sinocalan Solar Power, the project’s special purpose vehicle.

Also, ACEN executed a Technical Services Agreement with Sungrow Power Renewables Corp. It gave no other details except that the agreements are still subject to agreed conditions precedent and applicable regulatory approvals.

When sought for comment, ACEN President Eric Francia said the company is acquiring “100 percent” of Sinocalan from “a joint venture between Sungrow and its Filipino partners.”

The Department of Energy (DOE) earlier issued a certificate of endorsement to Sinocalan Solar Power’s solar project. The issuance of the certificate meant that the proposed project would be endorsed to the National Grid Corporation of the Philippines (NGCP) for clearance to undertake a system impact study (SIS).

In the same disclosure, ACEN said the board approved the funding for its renewable project in Australia.

ACEN is the guarantor to ACEN Australia Pty Ltd.’s AUD800-million long-term revolving green loan facility with DBS Bank Ltd.’s Australia branch. The loan will be used for the construction of the 520MW Stubbo Solar Farm Project in Australia.

ACEN also said the board gave its go-ahead for ACEN Australia, and its subsidiaries, to enter into a PV module supply agreement for the project.

The company has lined up 18gigawatts (GW) of projects to be built across the region. At present, it has about 4,000 MW of attributable capacity in the Philippines, Vietnam, Indonesia, India and Australia.

The board also approved ACEN’s investment in and construction of the 300MW Giga Ace 8 Solar Power Project of Giga Ace 8, Inc. in Palauig, Zambales, and the funding of the 208 MW NAREDCO Solar Power Plant Project in La-lo, Cagayan.