ACEN Corp. has invested an additional P2 billion in the special purpose vehicle responsible for the development of a 60-megawatt peak (MWp) solar power plant in Pangasinan.
ACEN has to the Philippine Stock Exchange (PSE) that it has signed an agreement with Sinocalan Solar Power Corp. (SSPC) for the subscription of 199.984 million redeemable preferred A shares, with a par value of P10 apiece.
The shares will be made from the increased authorized capital stock of SSPC, the special purpose vehicle dedicated to developing and operating the 60-MWp solar power plant in San Manuel, Pangasinan.
ACEN said that the investment will be directed towards the development of the solar project.
“The acquisition will allow ACEN to have a significant ownership in SSPC and is meant to implement the development of the 60 MWp solar power plant in San Manuel, Pangasinan,” the company stated.
This project represents ACEN’s first venture in Pangasinan and necessitates an investment of P2.8 billion.
The construction of the Pangasinan solar farm commenced earlier this year, is set to be completed by next year, and is anticipated to generate approximately 94 gigawatt hours (GWh) of renewable energy annually.
Ground-mounted solar photovoltaic panels will be utilized in the P2.8 billion project, which will be linked directly to the grid through a two-kilometer transmission line connected to the 69-kilovolt San Manuel substation of the National Grid Corp. of the Philippines.
ACEN stated that the project’s output is sufficient to supply approximately 55,000 households and reduce annual carbon dioxide emissions by 58,369 metric tons.
This facilitated ACEN in accelerating the development of Pangasinan Solar, with the possibility of expanding up to 100 MW.
ACEN aims to increase its renewable energy capacity to 20 GW by 2030.
The company expressed its commitment to achieving 100 percent renewable energy generation by 2025.