ACEN Corp. said Tuesday its board approved the investment in a 335 megawatt onshore wind power project in the provinces of Laguna and Quezon.
ACEN’s wholly-owned subsidiary Giga Ace 6 Inc., a successful bidder in the Department of Energy’s Green Energy Auction Program 2 in July this year, would undertake the wind project.
The board also approved the company’s procurement of a performance bond for Giga Ace 6 to enable its compliance with the requirements of GEAP-2.
Giga Ace 6 is a special purpose vehicle which will own and operate one of its development projects.
ACEN said last week it expected to reach its 5,000-megawatt goal within the year, two years ahead of its 2025 target.
“ACEN has around 4.5 GW of RE capacity across our global portfolio and we expect to cross the 5 GW mark within the next few months, two years head of our 2025 goal,” ACEN president and chief executive Eric Francia said during the listing ceremony of the company’s preferred shares series A and B at the Philippine Dealing & Exchange Corp.
Francia said ACEN was “4x away” from reaching its vision of 20 GW of renewables by 2030.
“The Philippines will continue to be our core and single largest market, accounting for about 40 percent of our business. This means we expect to grow our Philippine renewable capacity from 1.7 GW today to more than 4x to 8 GW by 2030,” he said.