AC Energy Philippines Inc. (ACEN) will build two solar farms in Pampanga and Zambales provinces with a combined cost of P6.2 billion and power generating capacity of 150 megawatts.
The Ayala group subsidiary said in a statement on Wednesday the project in Zambales, costing P2.9 billion with a capacity of 75 MW, was expected to be completed in the first quarter of 2022.
This will rise in Palauig town, near the 60-MW GigaSol solar power plant, the development of which ACEN announced earlier this year and is already being built.
The second project is the P3.3-billion, 75-MW, 50-50 joint venture with Citicore Renewable Energy Corp., which is expected to start delivering electricity from Mexico, Pampanga, in the fourth quarter of 2021.
ACEN said these two projects would bring its pipeline of domestic projects under construction to 480 MW. The portfolio includes 330 MW of solar and 150 MW of diesel-fired plants.
Also on Wednesday, the company said its board approved the investment of the full cost of the Zambales project and up to P500 million for the construction of the Pampanga project.
ACEN president Eric Francia said this firmed up the company’s commitment to invest in and drive the expansion of renewable energy resources within the country.
“We take the long view when investing and we also recognize that investments are very much needed urgently to help reignite the economy and create jobs,” Francia said. “This is the true meaning of sustainable investing.”
ACEN has a goal of reaching 5,000 MW of renewables capacity both here and abroad by 2025. It also aspires to be the biggest listed renewables company in Southeast Asia.