December 2 (Renewables Now) - Philippines-based AC Energy Corp (PSE:ACEN) will acquire the developer of a 60-MWp solar park project in the Philippines, expecting the deal to be completed by mid-December, it said in a bourse filing on Thursday.
ACEN, the listed energy platform of the Ayala Group, will become the owner of Sinocalan Solar Power Corp, the vehicle behind the target photovoltaic (PV) project on the island of Luzon. The company will be sold by Sungrow Power Renewables from Havilah AAA Holdings Corp for an undisclosed amount.
The solar project is located in the coastal province of Pangasinan, in the Ilocos region of Luzon.
The acquisition was approved by ACEN’s board of directors at the end of September and is due to be finalised by December 15.
Globally, ACEN has 18 GW of projects in its development pipeline located across the Asia Pacific region. The company in August set a goal for 20 GW of attributable renewables capacity by 2030, representing a six-fold expansion of its 3.4-GW fleet at the time. Its website shows that it now has 3.7 GW of attributable capacity in the Philippines, Vietnam, Indonesia, India, and Australia, with a renewable share of 93%.