AC Energy (ACEN) has signed a power supply agreement (PSA) with sister firm Ayala Land to provide it with renewable energy until 2050. The two Ayala firms inked their deal ahead of the opening of COP26.
AC Energy will be sourcing its supply from its 120-megawatt (MW) Alaminos solar farm in Laguna, Philippines. This marks a long-term partnership that will advance both companies’ net zero aspirations, eliminating 102,540 MTCO2e per year, or the equivalent of taking 22,291 cars off the road annually.
Alaminos Solar is one of the country’s largest solar farms with 120 MW of renewables capacity and the first ever solar storage hybrid locally, said the company statement.
AC Energy said it envisions to recreate the Sustainability Hub and close the loop through the development of Community Eco Hub recycling facilities within its project locations, fulfilling its goal of protecting the environment, creating jobs to reignite the economy, and engaging its host communities meaningfully while creating clean energy.
It also aims to create awareness on various climate action programs such as renewable energy and nature-based solutions through reforestation and biodiversity protection.
“We are pleased that this transaction with ACEN enables us to leverage synergies across the Ayala group and provides a platform to advance our net zero goal. As we strive to deepen our commitment to sustainability, we recognize how these efforts contribute to the shift towards a low-carbon future,” said Ayala Land President and CEO Bobby Dy.