ACEN, CleanTech to build 133-MW Cagayan solar plant – BusinessWorld Online

AC ENERGY Corp. (ACEN) announced on Monday that it has hired its subsidiary ACE Endevor, Inc. to build the 133-megawatt (MW) solar project. and CleanTech Renewable Energy 4 Corp. has finalized the formation of a joint venture company with

The joint venture company Nature’s Renewable Energy Development Corporation (NAREDCO) will develop, own and operate the solar plant and transmission line in Lal-Lo, Cagayan, by the second quarter of this year.

NAREDCO will build a solar farm and transmission line in 115 hectares of land at Bragi. Magpit and Bragi. sta. Maria, which will be connected to the 69 kilovolt Lal-Low substation via a 3 kilometer transmission line by the second quarter of this year.

“We look forward to working with CleanTech to help accelerate our country’s transition to a low-carbon economy and add more renewable capacity to our existing 3,300 megawatts,” said Jose María P. Zabaleta, Chief Development Officer, ACEEN. Pleasure.”

In December, ACEN and ACE Endeavor bought a 60% stake in Naredco, leaving Cleantech with a 40% stake in the renewable energy development company.

Cleantech President and CEO Salvador Antonio R. Castro, Jr. said, “There is much work to be done, but step by step and together with our partners, we will move towards a sustainable future.”

The projects are expected to be commissioned by early next year. Once completed, it is expected to produce 188 gigawatt-hours of renewable energy each year, enough to power 75,000 homes, while avoiding about 112,405 metric tons of carbon dioxide emissions annually.

ACEN aims to become the largest listed energy platform in Southeast Asia as it plans to install 5,000 MW of renewable energy capacity by 2025.

In 2021, along with the Ayala Group, it also committed to achieving net zero – the balance between greenhouse gas production and what it removes – by 2050.

Shares of ACEN closed at P8.38 on Monday, up 8 centavos, or 0.96%, in the local market. , Marielle C. Lucenio