AC Energy’s (ACEN) executive committee has approved its entry into a joint venture with solar plant developer ib vogt Singapore Pte. Ltd. for the building of new projects across the country.
Based on the Ayala-led firm’s disclosure to the Philippine Stock Exchange, the partnership would initially target to develop solar projects worth 300 megawatts of direct current (MWdc) in generating capacity.
ib vogt Singapore is the Berlin-based firm’s arm for the Southeast Asian and Indian markets. Established in 2002, ib vogt GmbH focuses on developing and delivering high-quality large-scale turnkey photovoltaic plants globally, with materials for its projects designed and engineered in Germany. The company has built plants worldwide with a total capacity of over 1.15 gigawatts-peak since 2009.
ACEN also plans to build a solar farm with a capacity of around 288MW in Buguey and Lal-lo in Cagayan. The company has approved a capital expenditure (capex) budget for the said project, but did not specify any amount.
The company also approved a capex budget for the 275MW expansion of its solar farm in Palauig, Zambales. No amount was likewise mentioned. The 63MW facility began operating in late April.
The Ayalas’ power arm aims to build 5,000MW in its renewable energy (RE) portfolio by 2025 and become the largest listed RE platform in Southeast Asia.