ACEN buys Sinocalan solar power plant

AYALA renewable energy unit ACEN Corp. announced that it has signed a sale and purchase agreement for the shares of stock and subscription rights of Sungrow Power Renewables Corp. and Havilah AAA Holdings Corp. in Sinocalan Solar Power Corp.

Sinocalan is the owner and operator of the 60-megawatt (MW) solar power plant in Pangasinan.

ACEN expects the transaction to close by Dec. 15, 2022, subject to the agreed upon conditions between the parties and the requisite regulatory approvals. Sinocalan will be a wholly-owned subsidiary of ACEN and the acquisition is part of the company’s goals to become a carbon-free energy company by 2050 and the largest listed renewable energy company in the region.

It recently marked a milestone by completing the first energy transition mechanism transaction which enabled the early retirement of the South Luzon Thermal Energy Corp.’s 246-MW coal-fired plant. The plant’s operating life of up to 50 years will be cut in half, as ACEN commits to retire and transition the plant to a cleaner technology by 2040. This will help avoid or reduce up to 50 million metric tons of carbon emissions.

ACEN currently has 3,700 MW of attributable capacity in the Philippines, Vietnam, Indonesia, India and Australia, with a renewable share of 93 percent, which is among the highest in the region.