Ayala-Citicore to build P3.3-B solar project
Ayala-owned AC Energy Philippines has partnered with Citicore Renewable Energy Corporation for a P3.3 billion solar farm project with 75-megawatt capacity to be sited in Arayat and Mexico, Pampanga.
Ayala said it has a 50 percent stake in the joint venture with Citicore Renewable, a company affiliated with construction and infrastructure developer Megawide.
The joint venture project shall reach the commercial stream around the fourth quarter of 2021. It is among the solar greenfield developments that the company is advancing to construction phase.
Another solar facility taking off from AC Energy’s project blueprint is the 75MW Palauig installation, which will command an investment of P2.9 billion. This solar plant is due for completion in the first quarter of 2022.
The company said this is already the second solar farm it is developing in Zambales – the first one is the 60MW GigaSol solar plant which is in a proximate site and is under construction.
ACEN President and CEO Eric T. Francia indicated that amid the challenges posed by the lingering health crisis, the company “remains committed to investing in the country and drive renewables expansion.”
Given the current state of the Philippine economy, which just recently plunged into recession, Francia highlighted that the Ayala group’s investment strategy is rooted on “the true meaning of sustainable investing.”
By that, he stressed, “we take a long view when investing and we also recognize that investments are very much needed urgently to help reignite the economy and create jobs.”
Last year, the company similarly announced P1.86 billion investment for a solar farm project in Alaminos, Laguna.
The four solar projects in the provinces of Laguna, Pampanga and Zambales will bring the total domestic capacity of AC Energy under construction at 480MW – comprising of 330MW solar and the other is a 150MW peaking diesel plant in Rizal province.
The Ayala energy firm has mega-ambition for a renewable energy portfolio that shall reach 5,000MW until the year 2025 – and capital spending that will be strategically funnelled both into the Philippines and its core markets overseas.