Page 12 - AsiaElec Week 33

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a total capacity of just over 500 megawatts, and we also recognise that investments are reduce logistics costs and make swift shipping
X-Elio said, adding the deal was signed on very much needed urgently to help reignite of export consignments possible.
Friday. the economy and create jobs. This is the true “We are thinking of coming out with
“This represents a landmark transaction meaning of sustainable investing,” Francia manufacturing zones. We had discussed the
for CTG... our first direct investment in said. plan with Ministry of Shipping and requested
Spain,” China Three Gorges Chairman Wu On top of the solar projects, ACE Energy to identify land parcels near ports,” Union
Shengliang was quoted as saying in a joint board also approved the investment of P5bn Minister of Power, New and Renewable
statement. “We believe Spain is the biggest to ACE Endeavor Inc., a subsidiary, to acquire Energy RK Singh told BusinessToday.
solar market and... will consider future land to be use for future energy generation On choice of locations, the Minister said,
opportunities to grow our platforms.” building. “One reason is availability of land and then
The statement said the transaction would A separate P2.2bn will also be shared by if you have to import some raw material,
be finalised by the end of the year, but did not Bataan Solar Energy Inc. and Giga 4, Inc., logistics cost will be less. There are 6-7
specify how much the deal was worth. also firm’s subsidiaries, to explore renewable locations under consideration.”
project opportunities. The Ministry of New and Renewable
Energy has also pitched for levying basic
Ayala energy unit to build India to impose 15-20% custom duty (BCD) of 15-20% on solar
modules, solar cells and solar inverters, and
solar plants in Philippines written to Finance Ministry proposing the
same. The BCD would be over and above the
Ayala Corp.’s energy unit is planning to build duty to discourage imports safeguard duty extended for another year till
two new solar plants in Central Luzon in a bid from China July, 2021 in a bid to tighten screw on China
to become Southeast Asia’s largest renewables and protect domestic manufacturing.
platform by 2025. The Indian Ministry of New and Renewable “That plan stays. We have written to
In a disclosure to the stock exchange on Energy, in consultation with Shipping them (Finance Ministry) that (basic) custom
Wednesday, Ayala-led AC Energy Philippines Ministry, has zeroed in on 6-7 land parcels duty may be imposed on solar equipment.
Inc. said the company board has approved across major ports to set up production units Safeguard duty is temporary. We said that we
the solar projects cumulatively worth P6.1bn, for local manufacturing of solar equipment. would prefer customs, which is permanent
which aim to generate a combined energy Production units closer to seaports will help feature. It’s not like safeguard duty which is
output of 150 megawatts (MW) by 2022.
“While we are facing significant challenges
amidst the current crisis, ACEN remains
committed to investing in the country and
drive renewables expansion,” Eric Francia,
company president and chief executive, said in
a statement.
The first solar-powered plant will be
located in Arayat and Mexico in Pampanga
adding 75 MW to AC Energy’s power
portfolio. The project, worth P3.2bn, is a
50-50 joint venture between AC Energy and
Citicore Renewable Energy Corp.
AC Energy said its board has approved
an initial P500mn for the construction of the
project, which is expected completed by the
fourth quarter next year.
The second power plant, which will have
the similar capacity with the first, will be
established in Palauig, Zambales at a cost of
P2.9bn which the board also gave a go-signal
to disburse on Wednesday.
The Zambales facility is seen operational
by the first quarter of 2022 and will be situated
close to the 60-MW GigaSol Palauig solar
plant that is currently under construction.
With the two new solar facilities, AC
Energy now holds a total of 480 MW
in renewables, all of which are under
construction. Broken down, 330 MW are
solar plants, while the remaining 150 MW are
peaking diesel plants.
AC Energy targets to hike its renewables
portfolio to 5,000 MW by 2025.
“We take the long view when investing,

P12 www. NEWSBASE .com Week 33 19•August•2020