NEWS

Power Philippines News | January 26, 2023 3:37 PM

Ayala-led ACEN has begun constructing its 300 MW Palauig 2 solar farm in Zambales to expand its renewable energy portfolio in the country.

The area where the plant is built is known for its high solar energy potential.

“The cost of the new development, including the construction of the 1,200 MW transmission line, is estimated at ₱16 billion. 540 MWp high-efficiency solar panels will be supplied by module manufacturer, Seraphim,” ACEN said in a statement.

“Palauig 2 Solar is the first of several new plants to commence with major construction works this year, and the need to sustain this accelerated pace towards the exponential growth of the renewables space is on top of our agenda,” Jose Maria Zabaleta, ACEN’s chief development officer, said.

Once completed, the solar farm will produce over 450 gigawatt-hour (GWh) of clean energy annually. Together with the company’s existing Palauig 1 Solar farm, the two projects will be able to supply power to around 139,000 homes and reduce carbon emissions by 350,000 tonnes each year.

ERS Energy Pte. Ltd. (ERS) and Global Electric Power Development Corporation (GEC) were selected as the Engineering Procurement and Construction (EPC) contractors of this project. ERS will serve as the offshore supplier while GEC will be the onshore construction contractor.

ACEN said that the Palauig 2 Solar farm project is a crucial addition to the company’s efforts to increase its renewable energy portfolio and become one of the Philippines’ leading partners in energy security.

In other developments, ACEN announced that it will be acquiring 5% of SP New Energy Corporation, a Solar Philippines subsidiary.

The acquisition is a prepayment to a loan facility signed in 2021 with Solar Philippines subsidiary Provincia Investments Corporation (PIC).

The shares acquisition will represent “the payment of interest and arrangement and security amendment fees in consideration for the company releasing its pledge over shares owned by Solar Philippines in SPNEC,” ACEN said.

However, no specific project was identified when ACEN and Solar Philippines signed their joint venture agreement in 2021.

ACEN is looking to launch 700 MW worth of solar and wind projects this year.

The company is looking to expand its renewables capacity to 20 gigawatts by 2030. The Ayala company is eyeing to achieve a 5,000 MW all-renewable energy portfolio by 2025.

The company currently has 4000 MW in attributable capacity across the Philippines, Vietnam, Indonesia, India, and Australia.

Source: Power Philippines News