ACEN Inks RECAU Agreement with Laguna Lake Development Authority in Philippines

Makati-based ACEN, through its subsidiary companies, entered into a significant Renewable Energy Contract Area Utilization (RECAU) agreement with the Laguna Lake Development Authority (LLDA) in the Philippines. The purpose of this agreement is to secure the lease of 800 hectares of Renewable Energy Areas (REAs) located in Laguna. This pivotal arrangement signifies ACEN’s commitment to infusing cutting-edge technologies into its renewable energy portfolio.

The focal point of this endeavour of ACEN is to establish a large-scale floating solar project, positioned on the expansive waters of Laguna Lake, the largest freshwater lake in the Philippines. The successful realization of this project has the potential to contribute about 1,000 MW to ACEN’s renewable energy capacity.

Eric Francia, ACEN president and CEO, said, “As we explore the potential of our first large-scale floating solar project which will be a crucial part of ACEN’s master plan to achieve our 2030 goal, we are excited to spearhead this energy innovation in the Philippines. We are committed to expanding our clean energy assets while addressing land scarcity.”

“This initiative is a tangible opportunity for ACEN to adopt new technologies, contribute to the Luzon grid, and bolster the Philippines’ energy self-sufficiency while tackling the critical issue of climate change,” he added.

ACEN’s involvement followed an invitation for leading floating solar renewable energy projects on Laguna Lake. The endeavour resulted in ACEN and its subsidiaries receiving Notices of Award from LLDA in July. The subsequent step involved the application for Solar Energy Operating Contracts (SEOCs) for eight blocks, each spanning a hundred hectares, strategically positioned within the southern and eastern sectors of the lake. These applications were  submitted to the Department of Energy (DoE).

ACEN’s recently made strides within the renewable energy sector, particularly into the floating solar market. The company aims to achieve 20 GW of renewables by the year 2030.

In July this year, ACEN partnered Traditional Owners, the Yindjibarndi people, to develop, own, and operate large-scale renewable energy projects of up to 3 GW capacity in Western Australia’s Pilbara region. Earlier, in June 2023, ACEN Vietnam Investments signed the Shareholders’ Agreement and other definitive agreements for the closing of the acquisition of Super Energy Corporation Public Company Limited’s (SUPER’s) solar power business in Vietnam. This strategic partnership follows the share purchase agreement signed by the two companies in 2022.