ACEN Corp.’s board has approved a commitment of up to 800 million Australian dollars for the construction of the 520-megawatt direct current (MWdc) Stubbo solar farm in Australia.
In a regulatory filing, the Ayala-led listed energy company said that the amount can be a combination of equity, credit support, guarantees, and similar arrangements.
ACEN also authorized its subsidiary in Australia to enter into a photovoltaic (PV) module supply agreement for the project.
The Stubbo solar project is expected to produce 400 megawatts and 1 million megawatt-hours of energy, yearly. ACEN said the generated electricity is enough to power around 150,000 households.
ACEN’s board also approved an investment in and the construction of the 300-megawatt-peak (MWp) and 237-megawatt alternating current (MWac) Giga Ace 8 solar power project in Palauig, Zambales.
ACEN also said that the project will include the construction of the 1,200-MWac transmission line of Giga Ace 8, Inc.
Its board also approved the funding for the 208-MWdc Naredco solar power plant project in La-lo, Cagayan, and an investment in a 60-MWp solar plant in Pangasinan through the acquisition of Sinocalan Solar Power Corp.
The listed company said the project and the execution of a technical services agreement are still pending regulatory approvals.
Meanwhile, in the company’s disclosure to the stock exchange, ACEN announced the appointment of Delfin L. Lazaro as chairman of the board, and chairman of the executive committee, while Cezar P. Consing was appointed as vice-chairman of the board and vice-chairman of the executive committee.
To recall, Fernando Zobel de Ayala resigned as chairman and member of ACEN’s board to allow him to focus on his health and recovery.
ACEN’s board also elected Mr. Lazaro as director to replace Mr. Zobel.
Jaime Alfonso Antonio Zobel de Ayala was also elected director to replace Jaime Augusto Zobel de Ayala, whose resignation was accepted, and serve the latter’s unexpired term.
On Thursday, shares in the company gained 3.45% or P0.19 higher to finish at P5.70 apiece. — Ashley Erika O. Jose