AC Energy Philippines has announced the clearing of a P10 billion financing to invest in renewable energy projects across the country, media reports said. In a disclosure to the Philippines Stock Exchange, the company said that it will finance a solar project that will be built in Arayat, Pampanga at a cost of P3.33 billion.
Previously, AC Energy Philippines revealed that the solar farm in Arayat will be a joint venture with Citicore Renewable Energy Corp and that it would have a capacity of up to 75 megawatts.
The company also plans to invest in other renewable energy projects in the Philippines. AC Energy Philippines also cleared 70 percent of financing for the P7.48 billion wind farm project in Pagudpud, Ilocos Norte. In line with the Philippines clean energy vision, the company is planning to add 500 MW of clean energy next year. AC Energy Philippines plans to exceed 5 GW of attributable capacity and generate at least 50 percent of energy from renewables by 2025.
The Philippines is set to reduce its carbon footprint and add 34,000 megawatts of renewable energy to its energy mix by 2040. At the virtual Southeast Asian Nations Clean Energy Week, Energy Secretary Alfonso G. Cusi declared the country’s National Renewable Energy Plan (NREP).
He told the media, “Coal and oil shares will also continue to decrease due to the use of alternative fuels for transport, among others. This also translates to a power generation mix that shifts from being coal–centered to one where renewable energy, natural gas, and other emerging clean energy technologies will have increased shares.”