Connect with us

Hi, what are you looking for?


ACEN starts building 300-MW Palauig solar project in Zambales

ACEN Corp. announced on Wednesday that it recently started the construction of its P16 billion 300-megawatt (MW) Palauig 2 solar farm in Zambales.

In a regulatory filing, the Ayala-led listed energy company said the solar farm will be located within the proximity of ACEN’s 63-MW Palauig 1 solar project.

“This expansion of our Palauig solar assets comes at an exciting time for ACEN’s Philippine operations as we are relying on our core market to boost our energy transition efforts in the region,” Jose Maria P. Zabaleta, chief development officer of ACEN, said in a media release.

The P16-billion estimated cost for Palauig 2 solar farm includes the construction of a 1,200-MW transmission line, and a 540-megawatt-peak (MWp) high-efficiency solar panels, which will be supplied by Seraphim, a module manufacturer that also specializes in solar photovoltaic products.

“Palauig 2 Solar is the first of several new plants to commence with major construction works this year, and the need to sustain this accelerated pace towards the exponential growth of the renewables space is on top of our agenda,” Mr. Zabaleta said.

ACEN tapped ERS Energy Pte. Ltd. and Global Electric Power Development Corp. (GEC) as the project’s engineering procurement and construction (EPC) contractors. ERS is the offshore supplier while GEC is the onshore construction contractor.

The solar project is expected to generate 450 gigawatt-hours (GWh) of renewable energy per year.

With the output of Palauig 1, the solar farm can generate enough power to supply electricity to 139,000 households and reduce 350,000 tons of carbon emissions per year.

The renewable energy firm also said that the construction of Palauig 1 solar resulted in an addition of 2,200 green energy jobs in Zambales, “helping stir the local economy and improve national prosperity as the country gears up for a post-pandemic era.”

“As ACEN continues to expand its renewables portfolio across the region, the company continues to invest in people and the wider society it operates in, understanding that ACEN’s success in forging a sustainable energy path depends on its ability to engage with various stakeholders and its significant role to drive positive social change,” ACEN said in the media release.

It said the development of Palauig 2 will help the company achieve its target to increase its renewable energy portfolio and help the government’s goal to increase renewables’ share in the country’s energy mix to 35% by 2030.

“The company aims to be one of the Philippines’ top reliable partners in energy security, effectively harnessing the enormous potential of renewable energy resources,” ACEN added.

In a separate disclosure on Wednesday, ACEN said that it received 500 million shares from Solar Philippines Power Project Holdings, Inc.

To recall, on Jan. 22, 2021, ACEN together with Solar Philippines signed an agreement for a proposed joint venture for solar power plants in Central Luzon.

In line with this, ACEN and an affiliate of Solar Philippines — Provincia Investments Corp. — signed a P1-billion omnibus loan and security agreement.

The agreement has a repayment date of July 2, 2026, and secured by a pledge over shares owned by Solar Philippines in SP New Energy Corp. (SPNEC), formerly Solar Philippines Nueva Ecija Corp.

ACEN said that its executive committee had approved the execution of definitive agreements where ACEN will receive the shares from Solar Philippines in SPNEC.

At the local bourse on Wednesday, shares in the company gained 15 centavos or 2.04% to end at P7.50 apiece. — Ashley Erika O. Jose

Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!


Editor’s Pick

<?xml encoding=”utf-8″ ??> Ava Whetstone-Magee, the founder of Avalanche Equestrian talks about the lightbulb moment which led her to start her business at the age...

Editor’s Pick

<?xml encoding=”utf-8″ ??> The exodus of workers from the jobs market over the pandemic has weakened prospects for Britain’s economic growth, the governor of...

Editor’s Pick

<?xml encoding=”utf-8″ ??> Will Polston, talks to Business Matters about how helping ambitious owners to maximise their potential has resulted in him becoming a finalist...


Elon Musk talks about his company’s Starlink project at the Mobile World Congress, Barcelona, Spain, June 30, 2021. — BRISA PALOMAR / PACIFIC PRESS/SIPA...


PHILSTAR FILE PHOTO The National Economic and Development Authority (NEDA) has approved seven “high-impact” projects, ranging from agriculture to transportation, the agency’s top official...


Television (TV) advertising is shifting toward addressable TV, a service that allows advertisers to show different ads to different audiences watching the same program,...

You May Also Like


COVID-19 has had a significant impact on the mental health of Filipinos across different groups all over the archipelago. From frontline workers, parents balancing...


REUTERS By Luz Wendy T. Noble, Reporter The country’s foreign exchange buffers slightly increased as of end-October as the value of the central bank’s...


BW FILE PHOTO GROSS BORROWINGS by the National Government reached P2.6 trillion as of end-September as it continued to raise funds to respond to...


KARASOLAR.COM TENA, Ecuador — Ecuador’s rainforest Achuar people say their ancestors long dreamed of a “fire canoe” or “electric fish” that would let them...

Disclaimer: Respect, its managers, its employees, and assigns (collectively "The Company") do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

Copyright © 2022 Respect Investment. All Rights Reserved.