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ACEN, Citicore start construction of solar project

Danessa Rivera (The Philippine Star) - June 25, 2021 - 12:00am

MANILA, Philippines — The tandem of AC Energy Corp. (ACEN) and Citicore Power Inc. have begun constructing their first joint solar project in Pampanga, which is targeted to augment power supply by summer next year.

ACEN and Citicore broke ground yesterday on the 72-megawatt (MW) Arayat-Mexico solar farm in Pampanga, which will be a critical addition to the Luzon grid.

The project, which is a 50-50 joint venture and has an estimated cost of P2.7 billion, is expected to be commissioned by the first quarter of next year.

“One of AC Energy’s success is our team’s ability to work with different partners and we are delighted to jointly develop this solar project with Citicore. Together, we will help augment the much-needed grid capacity during the very tight electricity supply situation as our economy recovers from the effects of the pandemic,” ACEN president and CEO Eric Francia said during the groundbreaking ceremony.

“AC Energy has been constantly growing its renewables investments and continues to play a meaningful role in the green-led recovery,” he said.

Citicore said the project, which it said is a welcome opportunity and partnership to pursue shared goals, allows it to play a significant role in delivering sustainable developments.

“At Citicore, we’d like to inspire a collective movement toward a net-zero carbon emission future, by harnessing renewable energy sources and empowering communities to deliver positive energy. The Arayat-Mexico Solar Farm is another project we will work closely with AC Energy to jointly create a sustainable investment for the communities we serve and all our partner stakeholders,” Citicore president Oliver Tan said in the same event.

Both ACEN and Citicore share the same vision of accelerating renewable energy development and help the country achieve its greenhouse gas emissions target to a 75 percent reduction by 2030.

The project is also expected to create over 1,500 local job opportunities and community initiatives, beyond producing renewable power locally.

Once the 72-MW Arayat-Mexico project is completed and operational, the solar farm will generate enough power to supply clean energy annually to around 45,000 homes.

“We are grateful to play a significant role in this sustainable infrastructure project, especially with respect to boosting local employment, supporting regional economies, and creating a more stable and reliable power supply. We are committed to providing our expertise through innovative renewable energy solutions to help accelerate the shift to renewable energy in consumers’ power needs,” Tan said.

ACEN has around 1,200 MW of attributable capacity in the Philippines, which is expected to increase with the completion of the infusion of AC Energy International, which has about 1,400 MW of attributable capacity.

The Ayala power unit aspires to be the largest listed renewables platform in Southeast Asia, with a goal of reaching 5,000 MW of renewables capacity by 2025.

Citicore—through its subsidiary Citicore Renewable Energy Corp. (CREC)—is one of the largest solar renewable energy providers with a wide geographical presence having eight solar assets across the country.

It has a pipeline of 1,500 MW of renewable energy projects to be developed over the next five years, further securing its leadership as a renewable solar energy company.

AC ENERGY CORP.
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