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Manila Bulletin devider Business devider ACEN disburses P2-B for solar farm projects

ACEN disburses P2-B for solar farm projects

Published Oct 11, 2023 08:45 am

At A Glance

  • Ayala-led ACEN Corp. has disbursed P2 billion for its green projects in Northern Luzon using funds from its preferred shares issuance in September.<br>The company has allocated P1.72 billion for solar projects in Zambales and P280 million for a solar project in Pangasinan.<br>ACEN Corp. has a balance of P16.38 billion from the preferred shares offering as of Oct. 10.<br>In September, ACEN Corp. raised P25 billion through its preferred shares issuance, marking the largest offering of its kind in the country since 2016.<br>ACEN Corp. aims to be the largest listed renewables platform in Southeast Asia, targeting 20 gigiwatts of renewables capacity by 2030.

Ayala-led ACEN Corp. has committed P2 billion for green projects in Northern Luzon following successful preferred shares issuance last month.

In a disclosure to the Philippine Stock Exchange on Wednesday, Oct. 11, ACEN said the company has disbursed P1.72 billion for solar projects in Zambales, with the remainder going towards another solar project in Pangasinan.

In particular, ACEN said the Zambales solar projects have allotted an investment of P950 million, while the Palauig 2 Solar project has been allocated P770 million.

Palauig 2 Solar is ACEN's second-largest solar farm in the country, with a projected capacity of 300 megawatts. It covers 275 hectares of flat and rolling grassland and is located near Palauig 1 Solar. 

The farm benefits from the area's abundant sunlight and its elevations range from 15 meter to 80 meters above sea level, making it a ideal location for generating solar energy.

Furthermore, ACEN has also disbursed P280 million in the solar project based in Pangasinan.

ACEEN is currently constructing a 60-megawatt solar farm in San Manuel, Pangasinan.

To recall, ACEN has completed in September the largest preferred shares offering in the country since 2016, raising P25 billion.

As of Oct. 10, ACEN has a balance of P16.38 billion from the preferred shares offering.

ACEN, the Ayala group's energy platform, aims to become the largest listed renewables platform in Southeast Asia with a goal to achieve 20 gigawatt of renewables capacity by 2030. 

To support this, the company has allocated a capital expenditure budget of P50 billion to P70 billion for this year to expand its renewable energy portfolio.

The Philippines has set a goal of achieving a 35 percent share of renewable energy in its power generation mix by 2030. (Gabriell Christel Galang)

Related Tags

ACEN Corporation solar farm pangasinan Zambales
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