Citicore-ACEN Solar Farm Begins Operation

The 72 MW Arayat-Mexico Solar Farm, a joint venture between Citicore and ACEN, is now fully operational, generating 105 GWh of renewable energy that will supply electricity to 45,000 homes.

Photo Insert: Citicore Renewable Energy Corporation (CREC) CEO Oliver Tan believes succeeding collaborations with ACEN sharing aligned goals will empower faster movement towards a sustainable and carbon-neutral future.

This renewable energy source also means a decrease of 72,000 metric tons of carbon dioxide emissions a year as well as job opportunities for 1,500 employees within the community, thereby stimulating much needed activity in the local economy.

The ₱2.9 billion solar facility was completed in less than a year since its groundbreaking in June 2021, meeting its objective to enhance the country’s energy supply, particularly in Luzon especially during the summer months when demand is at its peak.

The 50-50 joint venture is now on full throttle to develop the project’s 44 MW second phase that is expected to be commissioned by Q2 of 2023, allowing it to realize its full capacity of 116 MW. The project was funded through a debt replacement and shall be refinanced with at least 40% equity and up to 60% bank debt.

Jose Maria Zabaleta, chief development officer of ACEN, said: “In line with our strategy of leveraging on partnerships and synergies in the power sector, we are extremely pleased to showcase another successful venture that moves us closer to our shared goals of sustainable development for our country. And as we work towards our bold vision to reach 20 GW of capacity by 2030, we aim to accelerate the energy transition across the region.”

Oliver Tan, president and CEO of Citicore Renewable Energy Corporation (CREC), said: “Citicore’s engineering excellence and end-to-end project development capabilities, from construction to commissioning, enabled a fast turnaround time for the completion of this maiden joint venture project with ACEN. With our aligned goals in providing renewable energy alternatives, we believe that our succeeding collaborations will empower us to move faster towards a sustainable and carbon-neutral future.”

Apart from the boost to the local economy through job creation, Arayat-Mexico Solar Farm has been driving sustainable investments in the community through medical care and other initiatives.

“We give importance to our commitment to create positive, tangible, and long-term value in the communities where we operate,” adds Zabaleta.

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