Greencore Power to expand solar project in Pampanga
BY LENIE LECTURA – DECEMBER 14, 2021
from Business Mirror
Greencore Power Solutions 3, Inc., the joint venture between AC Energy Corp. (ACEN) and Citicore Solar Energy Corp., is expanding its solar power project in Pampanga.
In a disclosure to the stock exchange Tuesday, ACEN said its board has approved an investment in and construction of a 43.5-megawatt (MW) solar power plant project in Arayat and Mexico, Pampanga.
No other details were provided. When sought for comment, the company said the 43.5MW solar project is an expansion of an existing project in the same location.
Early this year, they broke ground on their 72-megawatt (MW) solar farm in Pampanga worth P2.7 billion. The Arayat-Mexico solar project would be commissioned by the first quarter of 2022. Once completed and operational, the new solar farm will generate enough power to supply clean energy annually to approximately 45,000 homes.
Officials from both firms said the solar project will be a critical contribution in Luzon, where the energy industry is working double time to ensure a steady power supply.
ACEN also disclosed that the board approved the “revisions to the loan terms of the Arayat Phase I solar project to extend the maturity of the existing loan and to increase the loan interest rate.”
The board also approved a short-term loan in favor of ACE Enexor Inc. (ACEX) of up to P150 million to fund the initial subscription of ACEX to shares in Batangas Clean Energy Inc. (BCEI), the joint venture between ACEX and Red Holdings B.V.
Red Holdings is a wholly-owned subsidiary of Gen X Energy, which, in turn, is a portfolio company of Blackstone Inc., the world’s largest alternative asset manager.
Under the deal, BCEI will be the special purpose vehicle company where ACEX and Gen X will each own a 50-percent interest in the power project, which will use natural gas and/or green hydrogen as its fuel to provide firm to power the grid to meet the country’s growing energy demand.
ACEN has about 2,600 MW of attributable capacity in the Philippines, Vietnam, Indonesia, India and Australia. It aspires to be the largest listed renewables platform in Southeast Asia, with a goal of reaching 5,000 MW of renewables capacity by 2025.
