AC Energy Solar Farm Starts Producing Power For Luzon
BY LENIE LECTURA – APRIL 28, 2021
from Business World
One of the 5 solar power projects of AC Energy Corp. (ACEN) lined up for the year is now generating power for the Luzon grid.
ACEN announced Tuesday its 63megawatt (MW) GigaSol Palauig solar farm has now commenced operations. The P2.39-billion facility in Zambales will generate over 90-million kilowatt hours (kWh) of clean power to support the country’s demand.
“The Palauig solar farm is the first of AC Energy’s 5 new plants to begin operating in 2021, making it quite an exciting year for the company’s Philippine operations,” said Jose Maria P. Zabaleta, Chief Development Officer of AC Energy.
“This is all the more important as these new plants can help offset some supply shortfalls in recent months, and help to reduce the elevated prices seen in the market caused by these shortages.”
Moreover, AC Energy has started the construction of its next solar farm in Arayat-Mexico, Pampanga. The 72-MW solar project is a 50-50 joint venture with Citicore Solar Energy Corp. (CREC).
The project is estimated to cost P2.75 billion and will be ready to begin its operations and supply power to the grid by the summer of 2022.
“We are also very excited about the Arayat-Mexico project, which is our first venture with CREC. Our collaboration over the past 18 months has been very successful, and we look forward to growing that in the years to come,” added Zabaleta.
The developments in Central Luzon are the latest in AC Energy’s renewables growth strategy as the company continues to embark on a transformation journey.
ACEN now has over 1,000 MW of attributable capacity in the Philippines, with almost half coming from renewable sources. This is expected to increase with the planned infusion of AC Energy International, which has about 1,400 MW of attributable capacity.
Meanwhile, ACEN and AC Energy and Infrastructure Corp. (ACEIC) signed a share-swap deal valued at P86 billion.
Under a Deed of Assignment, ACEN will issue 16,685,800,533 shares to ACEIC for P5.15 per share, or an aggregate subscription price of P85,931,872,744.95, in exchange for ACEIC’s 1,701,284,345 common shares and 15,030,279,000 redeemable preferred shares in ACEIC’s share in AC Energy International, Inc.
AC Energy International, formerly called Presage Corp., holds all ACEIC’s international renewable energy assets and investment.
