AC Energy, CleanTech Global to form 200-MW solar JV in the Philippines
- Philippines-based AC Energy Corp (PSE: ACEN) claimed today it has secured board approval to establish a joint venture (JV) with compatriot CleanTech Global Renewables Inc to deal with a 200-MW SC solar project in the Philippines' Cagayan province.
AC Energy, part of empire Ayala Corp (PSE: AC), and its partner will be joint proprietors of the project vehicle, called Natures Renewable Energy Development Corp. The terms for setting up the new company are still being bargained and also will be settled after required conditions, clear-cut documentation as well as regulatory clearance are in location.
The JV will be entrusted with the implementation of the Lal-lo solar photovoltaic or pv (PV) project in the namesake district. The effort will potentially include 100 MW DC of capability to AC Energy's renewable energy portfolio, the business said in a bourse filing.
Specific details regarding the solar plan as well as a timeline for its implementation were not available.
AC Energy focuses on having 5,000 MW of renewables capacity by 2025. Last month, the business obtained board authorization to obtain the 51.6% risk it does not currently possess in its Australian clean energy JV with US-based UPC Renewables Group. The transaction will certainly provide it complete ownership of UPC \ AC Renewables Australia's 8,000-MW pipeline of solar, wind, pumped hydro and also energy storage space projects.