ACEN CORP. secured a long-term government-backed revenue support agreement for its large-scale solar and battery storage project in Australia after winning a competitive renewable energy (RE) tender, strengthening the Ayala-led company’s expansion in certainly one of its biggest overseas markets.
The corporate’s Birriwa Solar and Battery project in Recent South Wales was chosen under the seventh round of Australia’s Capability Investment Scheme, in keeping with Australia’s Department of Climate Change, Energy, the Environment and Water.
“Large-scale renewable energy projects resembling this are critical to Australia’s transition to a clean energy future,” ACEN Australia said in an announcement.
The agreement gives ACEN revenue protection for the project by providing a government safety net if earnings fall below an agreed threshold, helping reduce financial risks tied to renewable energy investments.
Under this system, revenue below a set floor is roofed by the Australian government, while earnings above a ceiling are shared with the federal government.
The Birriwa Solar and Battery project was amongst 19 renewable energy projects chosen under the most recent Capability Investment Scheme round that Australia said are expected to deliver 7.8 gigawatts of capability by 2030, enough to provide about 4 million households.
The project will occupy about 1,440 hectares and can have 600 megawatts of solar generation capability and a pair of,400 megawatt-hours of battery storage capability.
Australia’s Independent Planning Commission approved the project for construction in August 2024.
ACEN said the ability is anticipated to generate enough electricity to power about 262,000 households.
Australia accounts for 28% of ACEN’s net attributable renewable energy capability outside the Philippines.
The corporate operates Australian solar farms with a combined capability of 1,042 megawatts.
ACEN has about 7 gigawatts of attributable renewable energy capability across operational, under-construction and committed projects within the Philippines, Australia, Vietnam, India, Indonesia, Laos and the US. — Sheldeen Joy Talavera