MANILA - Ayala's AC Energy Corp has signed a 50-50 joint venture agreement with renewable energy firm Citicore to build a 50-megawatt (MW) solar power plant in Arayat and Mexico, Pampanga.
In several disclosures to the stock exchange, AC Energy said the plant would be developed under a special purpose vehicle named Greencore Power Solutions 3 Inc.
Greencore will be 50-percent owned by Citicore unit Citicore Solar Energy Corp (CSEC), while 45 percent will go to AC Energy and 5 percent to its unit ACE Endevor.
AC Energy will lend P2.7 billion to Greencore to fund the project, which is seen to become operational by November this year.
"This joint venture supports the company’s strategic objective to be the growth platform of the AC Energy Group in the country. The company will have the opportunity to develop a greenfield stand-alone solar farm, which will provide daytime power to the Luzon grid, in partnership with CSEC," AC Energy told the stock exchange.
The Ayala-led energy firm earlier said it aims to become the largest listed renewable company in Southeast Asia, with a goal of building 5 gigawatts of renewable energy portfolio by 2025.