ACEN’s wholly-owned subsidiary Giga Ace 6 Inc., a successful bidder in the Department of Energy’s Green Energy Auction Program 2 in July this year, would undertake the wind project.
The board also approved the company’s procurement of a performance bond for Giga Ace 6 to enable its compliance with the requirements of GEAP-2.ACEN said last week it expected to reach its 5,000-megawatt goal within the year, two years ahead of its 2025 target. “ACEN has around 4.5 GW of RE capacity across our global portfolio and we expect to cross the 5 GW mark within the next few months, two years head of our 2025 goal,” ACEN president and chief executive Eric Francia said during the listing ceremony of the company’s preferred shares series A and B at the Philippine Dealing & Exchange Corp.“The Philippines will continue to be our core and single largest market, accounting for about 40 percent of our business.