ELEVEN subsidiaries of ACEN Corp., the Ayala Group’s listed renewable energy (RE) company, voluntarily gave up 13 wind and solar contracts on Nov. 11 as the Department of Energy reviews stalled RE projects.
In a disclosure on Thursday, ACEN said the move would have no material impact on its operations. All 13 projects were in early development, and ACEN had yet to make final investment decisions on any of them.
Among these were six wind energy service contracts covering Gigasol4 Inc.’s 420-megawatt (MW) East Ecija project in Nueva Ecija, Gigawind2 Inc.’s 150-MW Pantabangan project in Nueva Ecija and 300-MW Zambales North project, and NorthPoint Wind Power’s 40-MW Aparri 2 project in Cagayan.
The two largest wind projects on the list were Gigawind5 Inc.’s 1,248-MW Manila Bay project spanning Bataan, Cavite and Batangas, and Giga Ace 7 Inc.’s 1,024-MW Calatagan offshore wind project in Batangas.
ACEN’s subsidiaries also gave up two solar energy operating contracts and five solar energy service contracts. These covered Ingrid4 Power Corp.’s 233.64-MWp Dasol 1 project in Pangasinan; Adlao Energy Corp.’s 823-MW Masinloc project in Zambales; AC Laguna Solar’s 200-MW floating solar project in Laguna de Bay off Pililla; and AC Subic Solar’s 300-MW project in Jalajala, Rizal.
The remaining solar contracts covered Pangasinan UPC Asia Corp.’s Laguna Bay 1 and Laguna Bay 2 projects, and Laguna Central Renewables’ Pililla floating solar project in Rizal.
ACEN said it would be more selective about investing in new power generation after a decade of rapid expansion, with significant new RE capacity expected to enter the Philippine market.
It would prioritize energy storage, completing projects it has already committed to, improving operating performance and using capital more efficiently.
