AC Energy Corp. on Tuesday announced that the 63-megawatt GigaSol Palauig solar farm it built in Zambales province at a cost of P2.39 billion has began operations.
The company said despite the challenges in construction amid the pandemic, Gigasol Palauig began generating power for the Luzon grid.
The solar project will generate over 90 million kilowatt-hours of clean power to support the country’s demand.
AC Energy said it also started the construction of its next solar farm in Arayat-Mexico, Pampanga. The 72-MW solar project is a 50-50 joint venture with Citicore Solar Energy Corp.
The project is estimated to cost P2.75 billion and will be ready to begin operations and supply power to the Luzon grid by the summer of 2022.
“The Palauig solar farm is the first of AC Energy’s five new plants to begin operating in 2021, making it quite an exciting year for the company’s Philippine operations,” AC Energy chief development officer Jose Maria Zabaleta said in a statement.
“This is all the more important as these new plants can help offset some supply shortfalls in recent months, and help to reduce the elevated prices seen in the market caused by these shortages,” Zabaleta said.
Zabaleta said the company was also very excited about the Arayat-Mexico project, its first venture with CREC.
“Our collaboration over the past 18 months has been very successful, and we look forward to growing that in the years to come,” said Zabaleta.
The developments in Central Luzon are the latest in AC Energy’s renewables growth strategy as the company continues to embark on a transformation journey.
AC Energy posted a record P3.75-billion net income in 2020, and the company committed to sustain its renewable energy investments.
It said that despite the difficult year, the company further expanded its portfolio and augmented its generating capacity with the construction of two new solar plants, battery storage and firming facilities in Luzon.
The company’s 2020 investments created more than 3,000 jobs in host communities that became vital pieces towards reigniting the economy and creating economic activity.
ACEN now has over 1,000 MW of attributable capacity in the Philippines, with almost half coming from renewable sources. Alena Mae S. Flores