Jaime Alfonso Antonio Zobel de Ayala, the only son of Jaime Augusto and Lizzie Zobel de Ayala, has taken a key role in Ayala group's energy arm ACEN in a company reorganization.
In a special board meeting on 28 September, former energy secretary Delfin Lazaro was elected director to replace Fernando Zobel de Ayala to serve his unexpired term.
Fernando Zobel de Ayala earlier resigned from all his leadership posts in the Ayala Group but he, later, took the position of special adviser for the conglomerate.
The younger Zobel de Ayala was named director to replace his dad Jaime Augusto in the energy firm.
Lazaro was also given the post as chairman while Cezar Consing is now vice -chairman. Jaime Alfonso Antonio Zobel de Ayala assumed a seat on the executive committee.
ACEN has committed to invest Australian $800 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 report to the stock market on Thursday, ACEN said the company's board approved that the fund be raised in any combination of equity, credit support, guarantees, and similar arrangements.
Aussie battery project on
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.