ACEN unit gets P5 billion for Zambales solar project

MANILA, Philippines — ACEN Corp. is infusing P5 billion into a wholly owned subsidiary to finance construction of a solar energy project in Zambales.

In a stock exchange filing, ACEN said it subscribed to 49.997 million common A shares and 449.976 million redeemable preferred A shares of subsidiary Santa Cruz Solar Energy Inc. (SCSEI) at P10 apiece.

ACEN said the subscription would be used by SCSEI to fund continuing works for the construction of the first and second phase of the San Marcelino solar energy power plant project.

SCSEI is developing the 283-megawatt (MW) San Marcelino solar energy power plant located in San Marcelino, Zambales.

ACEN  earlier said the project would be capable of producing over 421 gigawatt-hours of renewable energy per year and eliminating 287,796 tons of CO2 emissions annually.

The solar farm will feature the latest solar technologies such as east-west oriented panels and string inverters to capture solar radiation more efficiently.

It sits on approximately 300-hectares of unutilized land covered by lahar, effectively converting the area to a sustainable energy source, and has an expansion potential of up to 700 MW.

The San Marcelino solar project, once completed, will contribute significantly to ACEN’s plans to transition its generation portfolio to 100 percent renewable energy by 2025 and to become a net zero greenhouse gas emissions company by 2050.

ACEN, the listed energy platform of the Ayala group, aims to be the largest listed renewables platform in Southeast Asia, with a goal of reaching 20 GW of renewables capacity by 2030.

The company is preparing to spend P50 billion to P70 billion in capital expenditures this year to continue growing its renewable energy portfolio.