Ayalas funnel AUD800M into solar plant in Australia

ACEN Corp., the listed energy platform of the Ayala family, has committed to invest up to AUD800 million for the construction of a 520-megawatt direct current (MWdc) Stubbo solar farm project in Australia.

The company secured board approval for the investment commitment, which may be in any combination of equity, credit support and guarantees, and similar arrangements.

ACEN Australia and its relevant subsidiaries have been authorized to enter into photovoltaic (PV) module supply agreement for the project.

The Stubbo solar farm project will be built across 1,000 hectares of mostly cleared grazing land in the Central West region of New South Wales.

The project includes a battery energy storage system and the solar farm will connect to the existing transmission network.

It is expected to power more than 150,000 typical New South Wales homes and generate up to 400 jobs during construction.