New renewable energy (RE) agreements have been signed for work in the Philippines. The first agreement was signed between Alsons Consolidated Resources Incorporated (ACR) and the Development Bank of the Philippines (DBP) for a PHP3.3 billion loan to finance the construction of a 14.5 MW hydro power project in the Sarangani Province. Commercial operations on the facility are scheduled to commence in the second quarter of 2023.
Under the second agreement, AC Energy (ACEN), a subsidiary of the Ayala Group, renewed its power supply deal with Polyfoam-RGC International Corporation. Financial details regarding the renewal have not been released, although this is the third renewal since the first contract was signed in 2017.
Under the new contract, ACEN will supply RE to Polyfoam-RGC’s manufacturing plants in Alabang, Muntinlupa City; Valenzuela City and Canlubang, Laguna.