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Manila Bulletin devider Business devider ACEN, Cleantech cement partnership for 133MW solar project

ACEN, Cleantech cement partnership for 133MW solar project

Published Mar 28, 2022 04:01 pm

Ayala-led ACEN Corporation and its subsidiary ACE Endevor Inc. have cemented partnership with Filipino firm CleanTech Renewable Energy 4 Corporation (CleanTech) for their 133-megawatt solar farm in Lal-lo, Cagayan province.

The new solar facility is targeted for commercial stream early next year and is expected to provide electricity service to at least 75,000 homes.

“The companies recently signed a shareholders’ agreement for the strategic partnership, with ACEN and Endevor to have a combined 60-percent ownership stake in NAREDCO, and CleanTech owning the remaining 40-percent,” ACEN has stated in its disclosure to the Philippine Stock Exchange.

The two companies announced their joint venture in October last year. The initial installation targeted then was a 200MW solar farm development, with provision for capacity expansion.

The solar project will be implemented via corporate vehicle Natures Renewable Energy Development Corporation (NAREDCO), which is also the joint venture of the Ayala energy firm and CleanTech.

At construction phase. ACEN indicated in a media statement that roughly 1,000 jobs will be generated, especially within the host community of the project in Northern Luzon.

“NAREDCO will proceed with the construction of the solar farm and transmission line, which has a potential expansion of up to 200 MW,” the Ayala firm emphasized.

The company further noted that the solar farm “will be constructed on a 115-hectare flat land known for its high solar irradiance in Barangays Magapit and Sta. Maria, which will connect to the 69-kilovolt NGCP (National Grid Corporation of the Philippines) Lal-lo (Magapit) substation via a 3-kilometer transmission line.”

According to Jose Maria Zabaleta, chief development officer of ACEN, their partnership with CleanTech will “help accelerate our country’s shift to a low carbon economy and add more renewables capacity to our existing 3,300 MW.”

Upon completion, the solar facility will produce 188 gigawatt-hours of renewable energy annually; and that will redound to carbon dioxide (CO2) emissions displacement of 112,405 metric tonnes (MT) on a yearly basis.

For Salvador Castro Jr., president and CEO of Cleantech, the tie-up with ACEN serves as “a milestone for CleanTech,” with him specifying that this would “bring host of opportunities to further our sustainable goals, spur the economy’s growth and ensure the progress of the community.”

He nevertheless qualified that “there is much work to be done, but step by step and together with our partners, we will lead the way towards a sustainable future.”

The NAREDCO solar farm development is an original project of CleanTech based on the renewable energy service contract awarded by the Department of Energy; and it is the Ayala group that will be coming in as partner to CleanTech in the project.

Related Tags

#ACEN #ENDEVOR #CLEANTECH #NAREDCO #SOLARPROJECT #RE
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