ACEN partnered with CleanTech Renewable Energy 4 Corp. for a joint venture company that will develop, own and operate a 133 megawatts (MW) solar farm and transmission line project in Lal-lo, Cagayan.
The parties signed a shareholders’ agreement for the strategic partnership, with ACEN and Endevor to have a combined 60 percent ownership stake in Natures Renewable Energy Development Corp. (NAREDCO), the joint venture company with CleanTech owning the remaining 40 percent.
NAREDCO will proceed with the construction the solar farm and transmission line, which has a potential expansion of up to 200 MW.
The solar farm will be constructed on a 115-hectare flat land with high solar irradiance and will connect to the National Grid Corporation of the Philippines’ 69 kilovolt Lal-lo (Magapit) substation via a three-kilometer transmission line.
Once completed, the 133 MW solar farm will produce 188 gigawatthours of renewable energy annually, enough to power 75,000 households while avoiding approximately 112,405 metric tons of carbon dioxide emissions yearly.
The project which is expected to be operational by early next year will also provide about 1,000 job opportunities and community partnerships during the construction stage.
