AC Energy Corp. (ACEN) is infusing about P3 billion into a subsidiary to partially fund a 160-megawatt wind farm in Pagudpud, Ilocos Norte, construction of which has just started. The said Wednesday it is building what could be the country’s biggest wind project with a consolidated capacity of 160 megawatts in Balaoi and a cost of P11.4 billion. The project will help bring ACEN closer to its 2025 goal of achieving 5,000 MW of renewable energy target.
The wind farm is ACEN’s latest project with long-time partner UPC Renewables.It is scheduled for completion by the fourth quarter of next year, in time for full-year operations in 2023, when supply in the Luzon energy market is expected to be tight.
The project will be the third wind development of ACEN in Ilocos Norte, along with the NorthWind wind farm in Bangui and the North Luzon Renewables wind farm in Pagudpud.
“We are very excited to begin the construction of the Balaoi & Caunayan Wind Farm, which will be the largest and lowest-cost renewable energy producer in the country,” said ACEN chief development officer Jose Maria Zabaleta.“This project will further augment AC Energy’s generating capacity, following our recently completed solar farms and battery storage plants, and will contribute to the growth of our renewables share as we scale up our sustainable investments,” he said.
AC Energy Corporation signed a subscription agreement with the Issuer, Pagudpud Wind Power Corp. (“PWPC”) for the subscription by ACEN of 3,033,255 Common Shares and 27,299,298 Class A Redeemable Preferred Shares (“RPS A”) of PWPC.
PWPC owns 60% of BWPC, which is developing the 160MW Balaoi and Caunayan Wind Power Project located in Barangays Balaoi and Caunayan, Pagudpud, Ilocos Norte, Philippines.
The company also aims to spur inclusive and sustainable economic growth to host communities in Ilocos Norte. It said wind development would bring notable value to the community by generating job opportunities to help reignite the community amid the pandemic.AC Energy said it is committed to engaging a meaningful role in the country’s green-led recovery and work towards becoming the largest listed renewables platform in Southeast Asia.
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