(Bloomberg) -- A unit of the Philippines' oldest conglomerate Ayala Corp. will develop two solar plants in the main Luzon island with total capacity of 150 megawatts and worth a combined 6.2 billion pesos ($128 million).
AC Energy Philippines will put up a 75-megawatt solar plant in Pampanga province north of the Philippine capital for as much as 3.3 billion pesos. It expects the facility, which will be built together with Citicore Renewable Energy Corp., to start generating power in the last quarter of 2021, it said in a stock exchange disclosure.
The second solar plant with the same capacity will be in Zambales province at a cost of 2.9 billion pesos and will be completed in the first quarter of 2022.
“We take the long view when investing,” AC Energy President Eric Francia said. The company in July announced it is making its first major investment in India by developing a $68 million solar plant and will build a 210-megawatt wind farm in Vietnam as it targets to bring its renewable capacity to 5,000 megawatts by 2025.
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