Ayala unit will spend P16B on solar farm expansion

ACEN Corp., the Ayala Group’s listed vitality platform, introduced that it has dedicated Pta 16 billion to broaden its solar energy undertaking in Zambales.

The corporate mentioned on Wednesday that building of the 300 megawatt (MW) Palauig 2 photo voltaic park is underway.

“This growth of our photo voltaic amenities in Palauig comes at an thrilling time for ACEN’s Philippine operations as we depend on our core market to drive our vitality transition efforts within the area.

Palauig 2 Photo voltaic is the primary of a number of new amenities starting main building this yr and the necessity to maintain this accelerated tempo of exponential development within the renewable vitality area is excessive on our agenda,” mentioned Jose Maria Zabaleta, ACEN’s Chief Improvement Officer mentioned in an announcement.

The Palauig 2 photo voltaic farm shall be constructed near the 63 MW Palauig 1 photo voltaic undertaking.

The corporate has ERS Power Pte. ltd (ERS) and International Electrical Energy Improvement Corp. (GEC) as an Engineering Procurement and Development (EPC) contractor.

ACEN mentioned the price of the brand new growth, together with the development of the 1,200MW transmission line, is estimated at P16 billion, including that 540MWpeak high-efficiency photo voltaic panels shall be equipped by module maker Seraphim.

The corporate mentioned this photo voltaic vitality undertaking additionally goals to assist the nation’s objective of reaching a 35 % share of renewable vitality within the electrical energy technology combine by 2030.

Palauig 2 Photo voltaic is anticipated to supply over 450 gigawatt hours (GWh) of unpolluted vitality per yr and along with the 90 GWh capability of Palauig 1 Photo voltaic, will present the equal of round 139,000 properties with sustainable electrical energy and keep away from 350,000 tons of CO2 emissions yearly.

ACEN has roughly 4,000 MW of attributable capability from owned property within the Philippines, Vietnam, Indonesia, India and Australia, with a 98 % renewable vitality share, among the many highest within the area.

The corporate goals to develop into the most important publicly traded renewable vitality platform in Southeast Asia, with a objective of reaching 20 GW of renewable vitality capability by 2030. ACEN has dedicated to transitioning the corporate’s technology portfolio to 100% renewable vitality by 2025 and changing into a net-zero greenhouse fuel emission firm by 2050.

In an additional growth, ACEN introduced that it has entered into definitive agreements with Provincia Investments Corp. (PIC) and Photo voltaic Philippines Energy Challenge Holdings Inc. (Photo voltaic PH) in relation to the P1 billion Omnibus Mortgage and Safety Settlement (OLSA).

It’s recalled that in January 2021, ACEN and Photo voltaic PH signed agreements for a proposed three way partnership for solar energy plant initiatives in Central Luzon. Accordingly, ACEN and PIC, a subsidiary of Photo voltaic PH, have signed the OLSA for a mortgage with a compensation date of July 2, 2026, secured by a pledge of shares owned by Photo voltaic PH to SP New Power Corp. (SPNEC), previously Photo voltaic Philippines Nueva Ecija Corp.

ACEN’s Govt Committee, appearing on behalf of ACEN’s Board of Administrators, on January 25 authorised the definitive agreements below which ACEN will obtain from Photo voltaic PH 500 million shares of SPNEC as an upfront fee for a portion of the mortgage quantity, in addition to curiosity funds, association and safety modification charges.

SPNEC shares have a market worth of 660 million pesetas on January twenty fourth.

SPNEC mentioned it has absolutely secured nearly all of its goal areas in Nueva Ecija and in Bulacan, totaling 3,000 hectares, which it can convert for industrial use.

The corporate mentioned that in parallel with the filings for conversion of the already absolutely secured properties, documentation for the completion of its acquisitions is underway.

SPNEC mentioned it’s aiming to finish the submissions of those lands for conversion by the top of the primary quarter and to have over 3,000 hectares transformed for industrial use by the top of the yr.

“The conversion of over 3,000 hectares for industrial use is essentially the most vital worth driver for SPNEC and we’ll proceed to offer updates as we work to create worth for our shareholders. Land underpins a whole undertaking, and particularly our land financial institution in Nueva Ecija and Bulacan is exclusive by way of its dimension and proximity to Manila,” mentioned Photo voltaic Philippines Founder Leandro Leviste.