Ayala-controlled AC Energy Philippines said Wednesday it will build two solar plants in Central Luzon with a combined capacity of 150 megawatts.
“While we are facing significant challenges amidst the current crisis, ACEN remains committed to investing in the country and drive renewables expansion,” ACEN president and chief executive Eric Francia said in a statement.
The new projects will bring ACEN’s total Philippine projects under construction to 480 MW, which include 330 MW of solar and 150 MW of peaking diesel plants.
The first project is a solar plant with up to 75-MW capacity in Arayat and Mexico, Pampanga, with a project cost of P3.3 billion. It is expected to start its power generation in the fourth quarter of 2021. ACEN teamed up with Citicore Renewable Energy Corp., with a 50-50 percent ownership in the project.
The second project, costing P2.9 billion, is another solar plant with up to 75 MW capacity in Palauig, Zambales. The project, fully owned by ACEN, is expected to reach completion by the first quarter of 2022.
It will be built near the 60-MW GigaSol Palauig solar plant which is under construction.
“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. This is the true meaning of sustainable investing,” Francia said.
ACEN aims to be the largest listed renewables platform in Southeast Asia, with the goal of reaching 5,000 MW of renewable capacity by 2025.
The company registered a P1.96-billion net income in the first half, a significant turnaround from the P552-million loss in the same period last year.
The strong performance in the first half was driven by the successful infusion of parent firm AC Energy Inc.’s on-shore assets and recent acquisitions.
It said the higher availability of thermal plants and significantly higher contracted capacity through the competitive selection process of Manila Electric Co. also contributed to the strong results.