Ayala-led ACEN Corporation further boosts its domestic solar capacity portfolio with the new acquisition of a 60-megawatt solar farm project in Pangasinan province.
The company said it just signed recently a deal for the sale and purchase of the interests of two shareholders (the Sungrow Power Renewables Corporation and Havilah AAA Holdings Corporation) in the Sinocalan Solar Power Corporation (SSPC), the corporate vehicle that is developing the proposed solar farm project in Pangasinan.
The Ayala firm indicated that the acquisition deal is expected to be concluded by December 15 this year – subject to the usual conditions precedent as agreed upon by the parties.
Upon completion of the transaction, ACEN emphasized that it will already fully own SPCC, hence, the capacity of that greenfield solar farm development would eventually add up to the growing RE generation portfolio of the Ayala group.
The board of directors of ACEN greenlighted the company's investment in the Pangasinan solar farm project in September this year.
Back then, the company’s board approved the execution of a technical services agreement with Sungrow Power Renewables Corp. for the purchase transaction based on the terms presented and “subject to agreed conditions precedent and applicable regulatory approvals.”
The Ayala group is currently concretizing its goal of RE portfolio topping 20 gigawatts (20,000MW) by 2030 – a capacity buildup that had been escalated from the initial target of 5,000MW by year 2025.
Apart from the Philippine market, ACEN has also been pursuing aggressive investments in various offshore markets that include Vietnam, India, Australia and has also been exploring opportunities in the United States.
In the solar space, the ACEN projects currently under implementation include the 283-MWdc San Marcelino solar farm in Zambales; the 42-MWdc expansion of the 72-MWdc Arayat-Mexico solar farm installation in Pampanga; and the construction of the 133-MWdc Cagayan solar project in Lal-lo, Cagayan.
To advance its line-up of projects to construction phases and eventually to commercial operations, the Ayala firm has been continuously tapping the capital markets to raise project financing and has been in constant search for partners for these ventures.