ACEN, the power unit of the Ayala Group, has committed to invest AUD800 million to build its 400-megawatt Stubbo Solar Farm and Battery Project in Australia as part of its massive efforts to expand its global portfolio.
In a stock report on Thursday, ACEN said the company board, in a special meeting on Wednesday, 28 September, approved that the fund could be in any combination of equity, credit support, guarantees, and similar arrangements.
Likewise, the board also gave ACEN Australia and its relevant subsidiaries authority to enter into a photovoltaic module supply agreement for the project.
The Stubbo Solar and Battery Project is a 400-megawatt renewable energy project that was approved by the New South Wales Department of Planning, Industry, and Environment in July 2021.
The project will be at the locality of Stubbo about 10 kilometers north of the historic mining town of Gulgong in the Mid-Western Regional Local Council LGA.
Depending on the final installed capacity, the project will produce about one million megawatt hours of electricity yearly, enough energy to power approximately 185,000 average Australian homes.
The project includes a 200 megawatt-hour battery energy storage system, meaning it can dispatch energy when it is needed during peak hours and provide important grid stability services.
The project can connect to the existing 330-kilovolt electricity transmission network.
Last week, ACEN successfully issued and listed its maiden P10-billion ASEAN Green Bonds that will help finance its renewable energy investments and projects.
