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50-MW solar power plant to rise in Arayat and Mexico

Ayala Corp.’s AC Energy Corp. and renewable energy company Citicore have partnered up to build a 50-megawatt (MW) solar power plant in Arayat and Mexico towns in Pampanga province.

According to an ABS-CBN report, the two firms entered into a joint venture agreement based on disclosures they made to the Philippine Stock Exchange.

The report quoted AC Energy Corp. as saying that the plant would be developed under a special purpose vehicle named Greencore Power Solutions 3 Inc.
It will be 50-percent owned by Citicore unit Citicore Solar Energy Corp (CSEC), while 45 percent will go to AC Energy and 5 percent to its unit ACE Endevor, according to the report.

The disclosures further showed that AC Energy will be lending P2.7 billion to Greencore to fund the project.

The project is seen to become operational by November this year, according to the report.

“This joint venture supports the company‚Äôs strategic objective to be the growth platform of the AC Energy Group in the country. The company will have the opportunity to develop a greenfield stand-alone solar farm, which will provide daytime power to the Luzon grid, in partnership with CSEC,” AC Energy told the stock exchange.

The Ayala-led energy firm earlier said it aims to become the largest listed renewable company in Southeast Asia, with a goal of building 5 gigawatts of renewable energy portfolio by 2025.