ACEN tweaks investment strategy for wind project

By Lenie Lectura – October 9, 2024
from Business Mirror

Giga Ace 6 Inc., a wholly owned subsidiary of ACEN Corp., on Thursday said its board approved a revision in its investment strategy for a 335-megawatt (MW) onshore wind power project.

“The approval modifies the ACEN Board approval dated September 4, 2023, covering the original investment into the Isla Wind Power Project, through Giga Ace 6, Inc.,” ACEN said in a disclosure.

The company gave no further details except that its investment into the Quezon North Wind Power Project, formerly called Isla Wind Power Project, phases 1 and 2, includes supporting infrastructure and transmission assets.

The company did not disclose the approved investment amount.

Giga Ace 6 was among the successful bidders during the Department of Energy’s Second Green Energy Auction Round (GEA-2).

Based on earlier DOE data, the wind power project will stretch across the munipacilities of Paete, Pakil, and Kalayaan in Laguna, and Mauban in Quezon.

GEA 2 encourages more investments in power generation as well as to promote the growth of renewable energy (RE) as one of the country’s primary sources of energy by facilitating transparent and competitive selection of RE facilities to help realize the government’s target of 35 percent RE in the energy mix by 2030 and 50 percent by 2040.

ACEN currently accounts for 4.8 gigawatts (GW) of attributable renewables capacity in operation and under construction. It aims to grow its renewables capacity to 20 GW by 2030. The company has been pioneering initiatives in early coal retirement and committed to becoming a Net Zero greenhouse gas emissions company by 2050.