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AC Energy, Citicore sign 50-50 joint venture deal, to build 50-MW Pampanga solar farm

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ABS-CBN News

<div class="embed-wrap"><figure data-feedback="fb:likes,fb:comments"><img src="https://sa.kapamilya.com/absnews/abscbnnews/media/2020/news/08/19/solar.jpg"/><figcaption>AC Energy 330 MW solar plant in Vietnam. <em>ABS-CBN News/File</em></figcaption></figure></div><p>MANILA - Ayala&#x27;s AC Energy Corp has signed a 50-50 joint venture agreement with renewable energy firm Citicore to build a 50-megawatt (MW) solar power plant in Arayat and Mexico, Pampanga.</p><p>In several disclosures to the stock exchange, AC Energy said the plant would be developed under a special purpose vehicle named Greencore Power Solutions 3 Inc.</p><p>Greencore 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.</p><p>AC Energy will lend P2.7 billion to Greencore to fund the project, which is seen to become operational by November this year.</p><p>&quot;This joint venture supports the company’s 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,&quot; AC Energy told the stock exchange.</p><p>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.</p><div><strong>RELATED VIDEO</strong></div><figure class="op-interactive"><iframe height="315" src="https://www.youtube.com/embed/9BN1lxYM9wc?enablejsapi=1" width="560"></iframe></figure><div class="iwantbar">Watch more in <a href="//www.iwantv.com.ph/">iWantv</a> or <a href="//tfc.tv/">TFC.tv</a></div>

<p>Ayala's AC Energy Corp has signed a 50-50 joint venture agreement with renewable energy firm Citicore to build a 50-megawatt (MW) solar power plant in Arayat and Mexico, Pampanga.<br /> </p>

Ayala's AC Energy Corp has signed a 50-50 joint venture agreement with renewable energy firm Citicore to build a 50-megawatt (MW) solar power plant in Arayat and Mexico, Pampanga.