MANILA - AC Energy said Wednesday it would develop 2 new solar plants in Central Luzon to expand its capacity of up to 150 MW.
The first project is a solar plant with up to 75 MW capacity located in Arayat and Mexico, Pampanga worth P3.3 billion, the company told the stock exchange. It is expected to start generation by 4th quarter of 2021, it said.
Another one will be installed in Palauig, Zambales with a capacity of up to 75 MW, which costs about P2.9 billion and will be completed by the first quarter of 2022, AC Energy said.
Both projects will bring the company's total Philippine projects under construction to 480 MW, including the 330 MW of solar and 150 MW of peaking diesel plants, the Ayala Corp unit said.
“While we are facing significant challenges amidst the current crisis, AC Energy remains committed to investing in the country and drive renewables expansion,” said AC Energy president and CEO Eric Francia.
“We take the long view when investing, and we also recognize that investments are very much needed urgently to help reignite the economy and create jobs. This is the true meaning of sustainable investing," he added.
The Ayala-led energy unit said it aims to become the largest listed renewables platform in Southeast Asia with a goal of reaching 5,000 MW capacity by 2025.