ACEN, the energy arm of the Ayala Group, extended a P1.14 billion loan support to its partner Natures Renewable Energy Devt. Corp. (NAREDCO) to cover the construction of the 200 megawatt Lal-lo solar power project in Cagayan.
NAREDCO is a wholly-owned subsidiary of CleanTech Global Renewables Inc.
The execution of the loan agreement followed the issuance of the notice to proceed to the turnkey engineering, procurement and construction (EPC) for the project.
NAREDCO has agreed to secure the loan with parcels of land where the solar power project will be located.
The project shall be developed in two phases. Phase 1 has a capacity of 133.46 MW while phase 2 will have a capacity of 60.54 MW. It is targeted to start commercial operations in 2024.