Ayala-led ACEN Corporation and Citicore Renewable Energy Corporation (CREC) is set to expand its 72-megawatt (MW) Arayat-Mexico solar farm by another 44 MW, following last month’s commercial operation.
The second phase of the project is expected to be commissioned by the second quarter of 2023. With the expansion, the Arayat-Mexico project is will come to a full capacity of 116 MW.
“We are extremely pleased to showcase another successful venture that moves us closer to our shared goals of sustainable development for our country. And as we work towards our bold vision to reach 20 GW of capacity by 2030, we aim to accelerate the energy transition across the region,” ACEN chief development officer Jose Maria Zabaleta said in a statement.
The $2.9 billion solar farm is expected to avoid 72,000 metric tons of carbon dioxide emissions a year. The project was funded through a debt replacement and will be refinanced with at least 40% equity and 60% bank debt.
“Citicore’s engineering excellence and end-to-end project development capabilities, from construction to commissioning, enabled a fast turnaround time for the completion of this maiden joint venture project with ACEN. With our aligned goals in providing renewable energy alternatives, we believe that our succeeding collaborations will empower us to move faster towards a sustainable and carbon-neutral future.” CREC president and CEO Oliver Tan said.
The 72 MW solar farm will produce 105 gigawatt-hours of RE per year and could provide power for more than 45,000 homes.
