ACEN unit wins Australia power project

By Ed Paolo Salting – December 20, 2024
from The Manila Times

ACEN Corp. business unit ACEN Australia was awarded a Capacity Investment Scheme Agreement (CISA) by the Australian government to build the 900-megawatt (MW) Valley of the Winds energy plant in the Central West Orana Renewable Energy Zone.

“Our Valley of the Winds project has won a CISA and this is kind of equivalent to our Green Energy Auction here in the Philippines,” ACEN Corp. President and CEO Eric Francia said.

“It’s a slightly different structure, but we won this and this is a very big project,” he added.

The CISA is an Australian government revenue underwriting scheme aimed at accelerating investments in renewable energy generation, specifically wind and solar, and clean dispatchable capacity like battery storage.

The project is expected to power around 500 houses yearly and expanded to include a battery energy storage system with targeted commercial operations date (COD) on December 2030.

The Australian government said all bids were carefully assessed through a fully independent third party, AEMO Services Limited.

The criteria included the project’s likelihood of lowering wholesale energy market prices, how well it helps deliver system reliability, and proposed benefits to local communities and First Nations Australians, which includes using locally-sourced project materials and supplies, and job creation.

ACEN Australia is among the 19 renewable energy projects selected by the Australian Department of Climate Change, Energy and Environment, and Water totaling around 6.38 gigawatts under the Capacity Investment Scheme Tender 1 issued in May.

ACEN’s share price fell by 10 centavos to close at P3.60 on Thursday.