ACEN Corp., through its subsidiaries, on Tuesday signed a renewable energy contract area utilization agreement with the Laguna Lake Development Authority to lease 800 hectares for the development of 1,000 megawatts of floating solar project.
ACEN said the agreement marks a pivotal step toward the development of a groundbreaking large-scale floating solar project. It also forms part of ACEN’s commitment to incorporating emerging technologies into its renewable energy portfolio.
The project will be situated on Laguna Lake, the country’s largest freshwater lake, and could contribute a substantial 1,000 MW to ACEN’s growing renewables capacity.
ACEN president and chief executive Eric Francia said the large-scale floating solar project would be a crucial part of the company’s master plan to achieve its 2030 goal.
“We are committed to expanding our clean energy assets while addressing land scarcity. This initiative is a tangible opportunity for ACEN to adopt new technologies, contribute to the Luzon grid, and bolster the Philippines’ energy self-sufficiency while tackling the critical issue of climate change,” Francia said.
ACEN, through subsidiaries AC Subic Solar, AC Laguna Solar, SolarACE4 Energy, Ingrid Power and GigaWind 1 received notices of award from LLDA in July following an invitation to develop floating solar renewable energy projects on Laguna Lake.
LLDA asked renewable energy developers to lease up to 2,000 hectares where aside from ACEN, SunAsia Energy Inc. and its partner, Macquarie Group’s Blueleaf Energy was able to secure the lease of 1,000 hectares with a capacity of 1,300 MW, while Vena Energy will lease the remaining 200 hectares.
ACEN applied for solar energy operating contracts for eight blocks of 100 hectares each in the southern and eastern sections of the lake with the Department of Energy.
“We’re still in the process of the predevelopment stage so we have to work on the permitting, including the ECC [environmental compliance certificate]. We need to work on the grid connection. Obviously, we need a market for that, I think the Green Energy Auction hopefully will create the right space,” Francia said.
Francia said Laguna Lake addresses the need for large parcels of land needed by solar developers.
“The lake is so large that you don’t compete necessarily. The fishing activities in Laguna Lake do not require too large an area, so that there’s enough space, enough room within that 90,000 hectares for co-use between floating solar, fishing, transportation and so forth,” he said.
ACEN’s bold steps in the renewable energy sector, including its venture into the floating solar market, help solidify its leadership position in the region.
The company is on track with its portfolio of greenfield renewable energy projects aimed at reaching 20,000 MW of renewables by 2030.
ACEN, the listed energy platform of the Ayala Group, has about 4,400 MW of attributable capacity from facilities in the Philippines, Australia, Vietnam, Indonesia and India, with a renewable share of 98 percent.