ACEN snaps up 800 hectares in Laguna for pioneering floating solar initiative

ACEN Corp., a notable player in the energy sector, announced yesterday that it had reached an agreement with the Laguna Lake Development Authority (LLDA). This deal will secure 800 hectares of renewable energy areas in Laguna for ACEN’s use, demonstrating bold strides towards pioneering a monumental large-scale floating solar endeavour. Incorporating advanced technology with its increasing renewable energy portfolio signifies ACEN’s investment in innovative and sustainable power solutions.

Several subsidiaries of ACEN, including AC Subic Solar, AC Laguna Solar, SolarACE4 Energy, Ingrid Power, and GigaWind 1 were confirmed as recipients of award notices from the LLDA back in July. This game-changing endeavour is predicted to provide approximately 1,000 megawatts to ACEN’s flourishing renewable energy portfolio.

Moreover, to further actualise this ambitious scheme, ACEN submitted proposals for solar energy operational contracts for eight blocks, each encompassing 100 hectares, situated in the southern and eastern sections of the lake. These proposals were submitted directly to the Department of Energy.

In discussing the strides towards ACEN’s historic large-scale floating solar venture, the company’s President and CEO, Eric Francia, is enthused about the move. “As we uncover the potential of our inaugural large-scale floating solar scheme, an integral component of ACEN’s strategic blueprints for the 2030 target, we are eager to lead this energy revolution in the Philippines. We stand steadfast in broadening our clean energy assets whilst tackling land scarcity.”

Francia also stressed the broader implications of this initiative, particularly for the Philippines’ self-reliance in energy generation and in addressing climate change.”This strategy provides an actionable opportunity for the firm to embrace burgeoning technologies, contribute to the Luzon grid, augment the Philippines’ energy autonomy and crucially, tackle the urgent matter of climate change.”

ACEN has expressed hope that by venturing into the booming renewable energy sector, including the floating solar market, it can boost its standing in the market. With a string of greenfield renewable energy prospects in its pipeline, the energy firm is making consistent strides towards its objective of achieving 20 gigawatts of renewable energy by 2030 reported Manila Times.

Tellingly, the recent developments did not impact ACEN’s share market performance yesterday, with the share price remaining steady at P5.42 per share.