Ayala-led AC Energy Corporation (ACEN) is eyeing to cement a partnership with German firm ib vogt for the installation of at least 300 megawatts (MWdc) of solar power projects in the country.
In a disclosure to the Philippine Stock Exchange (PSE), the Ayala energy company specified that the executive committee of its board tackled in its meeting the proposed tie-up to be entered into with the German firm’s regional affiliate ib vogt Singapore Pte Ltd.
AC Energy noted that the 300MWdc installation is an initial target set by the companies in the propounded joint venture deal, but project sites have yet to be determined.
The German company has investment focus on developing and delivering utility-scale turnkey solar photovoltaic (PV) projects – and it has commanding presence in key markets like Europe and Asia.
AC Energy has been accelerating project developments of wind and solar farm facilities in the country, because this will form a substantial part of the 5,000MW renewable energy (RE) capacity that it is eyeing on stream by year 2025.
Aside from the Philippines, the Ayala energy firm is also pursuing aggressive RE growth investment portfolios in offshore markets, primarily in Vietnam, India and Australia.
In a related development, AC Energy stipulated that the executive committee of its board also earmarked capital expenditure (capex) for its two major RE projects in the Philippines – the 288MW solar project in Buguey and Lal-lo in Cagayan province; and the 275MW expansion of its Gigasol Palauig solar farm venture in Zambales province.
The first 63MW Gigasol Palauig solar facility reached commercial operations in April this year and it is now feeding its generated electricity to the Luzon grid.
That particular project was funneled with an investment of P2.39 billion; and as stated by ACEN, the scale of its electricity generation could top more than 90 million kilowatt-hours.
Apart from the completed projects in the Philippines, AC Energy has operating RE facilities also in Vietnam and India; while its 720MWac New England solar farm venture in Australia is ongoing.
The Ayala company is widely perceived as the most vigorous player in the Philippine RE sector to-date, given the left and right project completions that it has been concretizing in recent months – and the capacities of these plants have also been reinforcing power supply, especially in the Luzon grid.
Beyond its shores, AC Energy is casting a prime goal to become the biggest listed RE player in Southeast Asia – and it is eyeing to have that accomplished along with its 5,000MW capacity buildup target. ###