Philippine-based company ACEN has outlined plans to develop approximately 1GW of floating solar plant capacity on Laguna Lake, the largest freshwater lake in the Philippines.
ACEN, through its subsidiaries, has signed a Renewable Energy Contract Area Utilization (RECAU) agreement with the Laguna Lake Development Authority (LLDA) to lease 800 hectares of Renewable Energy Areas (REAs) in Laguna, the Philippines.
The agreement marks a pivotal step toward the development of large-scale floating solar project, underscoring ACEN’s commitment to incorporating emerging technologies into its renewable energy portfolio.
The project will be situated on Laguna Lake, the Philippines’ largest freshwater lake, and could contribute a substantial 1,000MW to ACEN’s growing renewables capacity.
This signifies a notable milestone as ACEN – energy firm under the Ayala Group – explores and integrates new technologies into its renewable energy portfolio.
Eric Francia , ACEN’s 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.”
Following an invitation to develop floating solar renewable energy projects on Laguna Lake, ACEN, through its subsidiaries, received Notices of Award from LLDA in July 2023.
Solar Energy Operating Contracts (SEOCs) for eight blocks of hundred hectares each in the southern and eastern sections of the lake have been applied with the Department of Energy.
ACEN said it expects its new initiatives in the renewable energy sector, including the venture into the floating solar market, will help solidify its leadership position in the region as it aims at reaching 20GW of renewables by 2030.