AC ENERGY Corp. said its planned joint venture to develop a solar power project in Lal-lo, Cagayan, will add around 100 MW to its generation portfolio.
The company’s management has given the green light for AC Energy enter into the joint venture with CleanTech Global Renewables, Inc.
“The joint venture will potentially add around 100 MW of RE (renewable energy) to the company’s power generation portfolio,” listed AC Energy said in a regulatory filing Tuesday.
Under the deal, AC Energy will co-own the solar facility’s project company, “Natures Renewable Energy Development Corp.” with CleanTech Global.
“The transaction will enable the company to… increase the company’s attributable renewables capacity in line with its target to achieve 5,000 MW of attributable renewables capacity by 2025,” the firm said.
The Ayala Group’s energy unit said it is still in the process of finalizing the terms of the joint venture.
The solar project in Cagayan is planned for 200 megawatts direct current.
In a separate disclosure Tuesday, AC Energy said its executive committee moved to increase the capacity of its Gigasol solar plant in San Marcelino, Zambales to 283 MW from 250 MW previously.
The company said the committee also approved an increase in investment in the project, but gave no further details.
AC Energy currently has an attributable capacity of 2,600 MW in the Philippines, Vietnam, Indonesia, India, and Australia. It said that the share of renewables in its portfolio is 80%, one of the highest in Southeast Asia.
AC Energy shares fell 0.16% to P12.24 Tuesday. — Angelica Y. Yang