AC Energy has secured P10.81-billion financing for the development of a solar power project in Pampanga and another wind power project in Ilocos Norte.
In a disclosure to the Philippine Stock Exchange yesterday, the company said it secured a P3.33-billion loan to 100 percent finance a solar plant project to be developed in Arayat and Mexico, Pampanga and another P7.48 billion or roughly 70 percent of the project cost of a wind farm project in Pagudpud, Ilocos Norte.
The solar power plant in Mexico and Arayat is seen to provide up to 75 megawatts (MW) of capacity and will be built with Citicore Renewable Energy Corp. as a 50-percent joint venture partner.
The second project which is fully owned by AC Energy and located in Palauig, Zambales has a capacity of up to 75 MW and a project cost of P2.9 billion. This project is close to AC Energy’s 60 MW GigaSol Palauig solar plant which is under construction.