ACEN to build P2-B Pangasinan solar plant | Inquirer Business

ACEN to build P2-B Pangasinan solar plant

MANILA  -Ayala-led ACEN Corp. is investing nearly P2 billion in its Pangasinan-based subsidiary to further develop a solar power plant set for completion this year.

In a stock exchange disclosure on Thursday, ACEN said it had signed a subscription agreement with Sinocalan Solar Power Corp. (SSPC) to buy 199.98 million of the latter’s preferred shares for P10 apiece. This is equivalent to P1.99 billion.

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ACEN, the listed energy platform of the Ayala group, said SSPC would use the budget to fund the development of the 60-megawatt Pangasinan Solar project in San Manuel town.

SSPC is a special purpose vehicle that will develop the facility, which is expected to power at least 55,000 homes annually once it is fully operational.

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It will also help avoid 58,369 metric tons of carbon dioxide emissions, according to ACEN.

Pangasinan Solar will utilize ground-mounted solar photovoltaic panels and will be connected to the national grid through a 2-kilometer transmission line at the 69-kilovolt San Manuel substation, the company added.

In December, ACEN announced that it had acquired SSPC through a share purchase agreement with Sungrow Power Renewables Corp. and Havilah AAA Holdings Corp.

READ:

ACEN to spend P70B this year to support clean energy ambition

ACEN Corp.’s Pangasinan solar project ready this month

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TAGS: ACEN Corp., Pangasinan, solar plant
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