AC Energy gets nod for Solar Power project
AC Energy Corp. has secured the go signal to increase the capacity of its planned solar power project in Zambales.
In a disclosure on Tuesday, AC Energy said its board approved increasing the solar plant's capacity of and investment in the Gigasol San Marcelino Project to 283 megawatts (MW) from 250 MW.
Back in August, the board approved the undertaking of this solar facility located in San Marcelino, Zambales.
AC Energy earlier got the board's approval for the proposed joint venture with CleanTech Global Renewables, Inc. to develop a solar project in Cagayan.
In a disclosure on Tuesday, AC Energy said both parties are "currently working out the specific terms of the joint venture."
"The terms of the joint venture are currently being negotiated and finalized, including the manner by which the project will be managed and operated," it added.
AC Energy and CleanTech intend to co-own Natures Renewable Energy Development Corp. (Naredco), the project company for the planned 200MWdc Lal-lo Solar Power Project in Lal-lo, Cagayan.
The joint venture is "subject to agreed conditions precedent, including applicable regulatory approvals, and subject further to execution of definitive documentation."
The Ayala Group's energy platform said this project will potentially add 100 MW of renewable energy to its power generation portfolio.
This will also increase the listed firm's attributable renewables capacity in line with its target to achieve 5,000 megawatts of attributable renewables capacity by 2025.
According to its website, CleanTech is an independent power producer and renewable developer in the Philippines.
Shares of AC Energy fell by 0.16 percent to close at P12.24 each on Tuesday.