AC Energy Philippines Inc. said its board has approved the investment into, and the construction of, a solar power plant project in Palauig, Zambales.
In a statement, the company said the project will have a capacity of 60 megawatts (MW) and will be completed next year by its affiliate company, AC Energy Development Inc.
The move is part of the Ayala Group’s efforts to further beef up its renewable energy portfolio.
Earlier this month, the Group announced AC Energy Philippines acquired the 31 percent preferred equity ownership and 15 percent common equity ownership of the Philippine Investment Alliance for Infrastructure (PINAI) in the 81 MW Caparispisan wind farm in Ilocos Norte that is being operated by North Luzon Renewables Energy Corp.
AC Energy Inc. already owns a 36 percent stake in the said Ilocos wind power project.
The Ayala Group also recently allowed the purchase of up to 100 percent of PINAI fund’s ownership interest in San Carlos Solar Energy, Inc. which owns and operates a 45 MW solar farm and in Negros Island Solar Power, Inc. with an 80 MW solar farm that are both located in Negros Occidental.
Based on equity interest in power generation businesses, the entire AC Energy Group already owns approximately 1.7 gigawatts (GW) of generation capacity in operations and under construction as it aspires to exceed 5 GW of attributable capacity and generate at least fifty percent of energy from renewables by 2025.