ACEN Corp., the energy arm of the Zobel family, has invested P1.15 billion in its subsidiary, Giga Ace 8 Inc., to support the construction of a large solar power project in Zambales, Philippines. The funding was made through the subscription of common and preferred shares from the subsidiary’s unissued capital stock, according to a recent regulatory filing.
The fresh investment will be used for the development of the 300.11-megawatt-peak (MWp) Palauig Solar 2 project. The solar facility forms part of a larger renewable energy development plan with an estimated cost of about P16 billion. The overall project also includes the construction of a 1,200-megawatt transmission line that will help deliver electricity generated by the solar plant to the power grid.
Once completed, the Palauig Solar 2 facility is expected to generate more than 450 gigawatt-hours (GWh) of clean electricity every year. The project is expected to play an important role in supporting the Philippines’ renewable energy goals and reducing dependence on conventional power sources.
The new solar plant will work alongside the existing Palauig Solar 1 facility. Together, the two projects are expected to produce enough renewable electricity to supply approximately 139,000 households. The combined output will contribute significantly to the country’s growing demand for clean and sustainable energy.
In addition to the ongoing project, Giga Ace 8 is also planning a major expansion of its renewable energy operations in Zambales. The company has already sought environmental clearance from the Department of Environment and Natural Resources (DENR) for a proposed P26-billion expansion project. If approved, the expansion would increase the total solar generation capacity in the area to 420 MWp.
A key component of the planned expansion is the development of a battery energy storage system with a potential capacity of 1,325 megawatt-hours (MWh). The battery facility is designed to improve the reliability and efficiency of solar power generation.
According to the company, solar plants are unable to generate electricity during nighttime hours. The battery energy storage system will help address this limitation by storing excess electricity produced during periods of low demand and releasing it back into the grid when demand rises. This will help ensure a more stable and reliable electricity supply.
ACEN continues to expand its renewable energy portfolio across the Philippines. The company currently has nearly 1,500 MW of solar projects either operating or under development, strengthening its position as one of the country’s leading clean energy developers.
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