AYALA-LED AC Energy Corp. and renewable energy developer Citicore Power, Inc. began the construction of a 72-megawatt (MW) solar farm in Arayat and Mexico, Pampanga, which is scheduled for commissioning by the first quarter next year.
The P2.7-billion solar facility, a joint venture between the two companies, will produce enough power to supply clean energy to 45,000 homes per year.
On Thursday, AC Energy and Citicore held the solar farm’s groundbreaking ceremony, which was attended by government officials, including Mayor Emmanuel M. Alejandrino of the Arayat municipality, and community members.
“We are delighted to jointly develop this solar project with Citicore. Together, we will help augment the much needed grid capacity during the very tight electricity supply situation as our economy recovers from the effects of the pandemic,” AC Energy President and Chief Executive Officer Eric T. Francia said in an e-mailed statement.
AC Energy and Citicore both aspire to accelerate renewable energy development and help the country reduce its greenhouse gas emissions by 75% by 2030.
Citicore welcomed the opportunity to pursue shared goals.
“We are grateful to play a significant role in this sustainable infrastructure project, especially with respect to boosting local employment, supporting regional economies, and creating a more stable and reliable power supply. We are committed to providing our expertise through innovative renewable energy solutions to help accelerate the shift to RE in consumer’s power needs,” Citicore President Oliver Y. Tan said.
The development of the 72-MW solar farm is seen to bring in over 1,500 local job opportunities and community initiatives.
AC Energy, the listed energy platform of Ayala Corp., aspires to become the largest listed renewables platform in Southeast Asia as it hopes to reach its 5,000 MW target by 2025.
Citicore, a wholly owned unit of Citicore Holdings Inc., aims to produce 1,500 MW from its pipeline of projects over the next five years.
Shares in AC Energy inched down by 1.18% or 10 centavos to finish at P8.40 apiece on Thursday. — Angelica Y. Yang
