Listed power firm AC Energy Corp. said it has forged a deal to supply clean power to Ayala Land, Inc. (ALI) through 2050.
In a statement, AC Energy said its 120-megawatt solar plant in Alaminos, Laguna will supply renewable energy “that will help meet ALI’s demand up to 2050.”
“This marks a long-term partnership that will advance both companies’ net zero aspirations, eliminating 102,540 MTCO2e (metric tons of carbon dioxide equivalent) per year, or the equivalent of taking 22,291 cars off the road annually,” AC Energy said in a regulatory filing on Friday.
Both companies are part of the Ayala Group.
“We are happy to work with Ayala Land on this important initiative that will help the Ayala group achieve net zero greenhouse gas emissions by 2050,” AC Energy President and Chief Executive Officer Eric T. Francia said.
ALI President and Chief Executive Officer Bernard Vincent O. Dy said the partnership with AC Energy will help the developer advance towards its net zero goal.
Last week, Ayala Corp. has committed to work towards attaining net zero carbon emissions in next thirty years, aligning itself with the global direction for climate action.
AC Energy’s solar farm in Alaminos started commercial operations in June. The company described “GigaSol Alaminos” as the second largest plant of its kind in the country, saying it can power around 80,000 homes while avoiding 111,034.37 metric tons of carbon dioxide equivalent of greenhouse gases.
GigaSol Alaminos is surrounded by ALI’s Carbon Forest, a woodland reserve that acts as a “carbon trap.”
Shares of AC Energy in the local bourse inched down 0.32% or four centavos to close at P12.26 apiece on Friday. Meanwhile, shares of Ayala Land shed 1.54% or 55 centavos to finish at P35.10 apiece on the same trading day. — A.Y.Yang