Philippines-based AC Energy Corporation (ACEN), a subsidiary of Ayala Group, and CleanTech Global Renewables Incorporated (CleanTechGlobal) have formed a joint venture (JV) called Natures Renewable Energy Development Corporation (NAREDCO) to work on a 200 MW solar project in the Philippines’ Cagayan province. The terms for setting up the JV are still being negotiated and will be finalised after required conditions, definitive documentation and regulatory clearance are in place.
The JV will be tasked with the implementation of the Lal-lo solar photovoltaic (PV) project in the Philippines. Specific details about the solar scheme and a timeline for the project have not been announced. The initiative is expected to add approximately 100 MW DC of renewable energy (RE) capacity to ACEN’s portfolio.