ACEN Corp. is keen on further expanding its renewable energy (RE) footprint with the announcement of new projects in the Philippines and Australia.
In a disclosure to the Philippine Stock Exchange, ACEN said the company committed up to AU$800 million (P30.4 billion) for the construction of the 520 megawatts (MW) Stubbo solar farm project in Australia.
ACEN said the amount will be funded through equity, credit support, guarantees and other similar arrangements.
The company also provided authority to ACEN Australia and its relevant subsidiaries to enter into photovoltaic module supply agreement for the project.
ACEN also invested in a 60 MW solar plant in Pangasinan through the acquisition of Sinocalan Solar Power Corp.
The company did not disclose the amount involved in the acquisition but noted it has entered into a technical services agreement with Sungrow Power Renewables Corp. for the project.
ACEN targets to reach 20,000 MW worth of RE projects in its portfolio by 2030.
The company currently has 18,000 MW of RE pipeline across the region with projects located in the Philippines, Australia, Vietnam, Indonesia and India. -Jed Macapagal
