ACEN Corp., the renewable energy arm of the Ayala Group, said Wednesday one of its units signed an agreement with the Laguna Lake Development Authority to lease 800 hectares of the country’s largest fresh water lake, a major step in its plan to build a large-scale floating solar farm.
The groundbreaking project, which will be located in Laguna Lake, a body of water whose shores touches Metro Manila and Laguna and Rizal province—all areas that demand large amounts of electricity, could contributes around 1,000 megawatts to ACEN’s growing renewable energy capacity, the company said.
“As we explore the potential of our first large-scale floating solar project which will be a crucial part of ACEN’s master plan to achieve our 2030 goal, we are excited to spearhead this energy innovation in the Philippines. We are committed to expanding our clean energy assets while addressing land scarcity,” said Eric Francia, ACEN president and chief executive officer, in a statement.
“This initiative is a tangible opportunity for ACEN to adopt new technologies, contribute to the Luzon grid, and bolster the Philippines’ energy self-sufficiency while tackling the critical issue of climate change,” he added.
The lease agreement signed by ACEN’s unit and LLDA represent all of the eight blocks in the southern and eastern sections of the lake offered by the government agency in July for floating solar energy projects.
This latest venture puts ACEN on track with its goal of building a portfolio of greenfield renewable energy projects with a total capacity of 20 gigawatts by 2030.
