The Philippines-based AC Energy Corporation (ACEN) has announced that work on its 160 MW Balaoi and Caunayan wind power project in Ilocos Norte is scheduled for completion in 2023. The company also expects work on its 70 MW Caparispisan II wind project to commence in 2022 with the facility coming online in 2025. The project is currently awaiting a final investment decision (FID).
Both the wind power projects are estimated to cost around PHP17 billion and will add 130 MW to ACEN’s wind portfolio by 2025. These projects were among the winners in the first round of the Philippines’ Green Energy Auction Programme (GEAP) in June 2022.
Additionally, ACEN is also planning to launch an PHP10 billion green bond offering to finance the construction of 458 MW of solar parks in the Philippines.