- Press Releases
November 2 (Renewables Now) - Philippines-based AC Energy Corp (PSE:ACEN) said today it has secured board approval to set up a joint venture (JV) with compatriot CleanTech Global Renewables Inc to work on a 200-MW SC solar project in the Philippines’ Cagayan province.
AC Energy, part of conglomerate Ayala Corp (PSE:AC), and its partner will be joint owners of the project vehicle, called Natures Renewable Energy Development Corp. The terms for setting up the new company are still being negotiated and will be finalised after required conditions, definitive documentation and regulatory clearance are in place.
The JV will be tasked with the implementation of the Lal-lo solar photovoltaic (PV) project in the namesake municipality. The initiative will potentially add 100 MW DC of capacity to AC Energy’s renewable energy portfolio, the company said in a bourse filing.
Specific details about the solar scheme and a timeline for its execution were not available.
AC Energy aims at having 5,000 MW of renewables capacity by 2025. Last month, the company received board approval to acquire the 51.6% stake it does not already own in its Australian clean energy JV with US-based UPC Renewables Group. The transaction will give it full ownership of UPC\AC Renewables Australia's 8,000-MW pipeline of solar, wind, pumped hydro and energy storage projects.