The developer of a 60 MWp solar park project in the Philippines will be acquired by Philippines-based AC Energy Corp (ACEN), which announced the acquisition in a bourse filing recently.
The planned photovoltaic (PV) project on the island of Luzon will be carried out by Sinocalan Solar Power Corp, which will be owned by ACEN, the listed energy platform of the Ayala Group. Sungrow Power Renewables will purchase the business from Havilah AAA Holdings Corp for an undisclosed sum.
The Pangasinan coastal province, which is part of Luzon’s Ilocos region, is where the solar project is situated.
The transaction is expected to be completed by December 15 after being approved by the board of directors of ACEN at the end of September.
Around the world, 18 GW of projects from the Asia Pacific area is in the development pipeline for ACEN. By 2030, the corporation wants to have 20 GW of attributable renewable energy capacity, which would be a six-fold increase over its current 3.4 GW fleet. According to its website, it currently has 3.7 GW of attributable capacity with a 93% renewable share across the Philippines, Vietnam, Indonesia, India, and Australia.
Recently, ACEN switched on the first hybrid solar and energy storage project in the Philippines. The pilot 40 MW energy storage project located in Alaminos, Laguna, allowed the company to evaluate opportunities to store energy more effectively across the portfolio of ACEN, to provide a sustainable and reliable energy source for the Philippines, said an official statement.