ACEN Corp., the Ayala Group’s listed energy business, will add another renewable energy (RE) project to its portfolio upon acquiring a company that is developing a 60-megawatt (MW) solar power facility in Pangasinan this month.
In a disclosure, ACEN said the acquisition of Sinocalan Solar Power Corp. (SSPC) is expected to be completed by Dec. 15, 2022, subject to earlier agreed conditions.
ACEN signed an agreement with Sungrow Power Renewables Corp. and Havilah AAA Holdings Corp. to purchase their shares in SSPC, the developer of the planned solar facility.
“The company will wholly own SSPC upon completion of the acquisition,” it added.
ACEN first announced its plans to invest in SSPC but did not disclose the amount allotted for this transaction. It only said at that time a technical services agreement was signed with Sungrow Power Renewables.
Target output
The Ayala power company is aspiring to reach 20 gigawatts in renewables capacity by 2030 and have 100-percent renewable generation output by 2025.At present, it has 4,000 MW of attributable capacity in the Philippines, Vietnam, Indonesia, India and Australia. This is equivalent to an RE share of 87 percent in its power portfolio, among the highest in the region.
In line with its expansive RE plans, ACEN announced it has infused investments in various power projects over the last few days.
Earlier, it disclosed injecting P271.5 million into Natures Renewable Energy Development Corp. (Naredco), a joint venture of ACEN and Cleantech Renewable Energy 4 Corp.
Naredco is a special purpose vehicle that would develop the first phase of the 133-MW Cagayan North Solar Power Project in Lal-lo, Cagayan.