ACEN Corp. said Thursday it signed an agreement with Santa Cruz Solar Energy Inc. as borrower for a P1.92-billion loan to fund the 200-megawatt San Marcelino Solar Project Phase 3 (SanMar) in San Marcelino, Zambales.
ACEN disclosed the loan agreement with Santa Cruz Solar, a subsidiary of ACEN to the Philippine Stock Exchange.
Santa Cruz Solar is a special purpose vehicle for the development of renewable energy projects in the Philippines.
The SanMar project comprises of three phases totaling a combined 585 MW capacity, seen to be the largest solar farm once completed.
The first two phases involve 284MW for phase 1 and 101 MW for phase 2. Both phases are fully completed but awating commercial operations date. Phase 3 is still under development.
The entire project will be able to power about 187,700 homes.
The SanMar project is built over a vast 500-hectare unutilized land covered by lahar, effectively converting the area into a productive source of renewable energy.
ACEN also built large-scale infrastructures in San Marcelino, Zambales to support the project.
This includes a 14-kilometer power transmission line, almost six kilometers of access road and two concrete bridges, significantly reducing travel time and improving accessibility for the indigenous peoples communities.
The SanMar project is one of the many renewable energy projects of ACEN to meet its ambitious goal of putting up 20,000 megawatts of RE capacity by 2030.
