Ayala-led energy firm AC Energy Philippines, Inc. is investing in more renewable energy projects in the Philippines as it sets to build two solar farms with a consolidated capacity of 150 megawatts (MW) in Central Luzon disclosed on the Philippine Stock Exchange(PSE) Wednesday.
AC Energy together with Citicore Renewable Energy Corp., a unit of Citicore Power, Inc., to put up a 75-MW solar facility in Arayat and Mexico, Pampanga for about P3.3 billion. AC Energy will be infusing P500 million to the project, as declared in a separate disclosure.
The company also planned to build a 75-MW solar plant in Palauig, Zambales, which is fully owned by the Ayala unit, it will be constructed through ACE Endevor, Inc. and Giga Ace 8, Inc., is estimated to cost up to P2.9 billion.
AC Energy President and Chief Executive Officer Eric T. Francia said in a statement“While we are facing significant challenges amidst the current crisis, ACEN remains committed to investing in the country and drive renewables expansion,”.
“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,” he added.
The Pampanga and Zambales power facilities are expected to start generating power by the fourth quarter of 2021 and the first quarter of 2022, respectively. AC Energy Inc is listed on PSE as “ACEN” under the industrial sector.
-StockBytes PH, August 20, 2020.
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