AC Energy has invested PHP 4.5 billion (USD 93.7 million) in its subsidiary Santa Cruz Solar Energy, Inc, according to the filing at the Philippines Stock Exchange (PSE). The Santa Cruz Solar Energy operates a 60-megawatt (MW) solar farm in Zambales.
The investment is part of AC Energy’s plan to scale up its renewable energy portfolio to include solar and wind energy. The company aims to have 5 gigawatts (GW) of renewables by 2025 and become the largest listed renewables platform in South East Asia. At present, it has around 500 MW capacity of renewables in the Philippines and targets to add 1,400 MW from its international power assets in Vietnam, Indonesia, Australia, India, and Myanmar.
Also, AC Energy issued a notice to proceed in developing access, infrastructure, grid connection facilities of its San Marcelino Solar Power Project. Prior to this, AC Energy has been granted authority to share its credit facilities with Santa Cruz Solar Energy Inc. to enable it to participate in electricity supply bidding.
(Sources: Business World; The Philippine Star; ABS-CBN News)