The Philippine group ACEN Corporation will develop the 335 MW Isla Wind Power project, which will be located in the provinces of Laguna and Quezon (northern Philippines). The company’s board has approved an investment in the proposed project through ACEN’s wholly owned subsidiary, Giga Ace 6.
Giga Ace 6 was one of the bidders in the Philippines’ second round of Green Energy Auction (GEA-2), which awarded a total of 3.44 GW of renewable energy capacity in July 2023. As such, Giga Ace 6 secured a 20-year power supply agreement with the Philippine government, and will be paid according to actual energy generated in accordance with the country’s Wholesale Electricity Spot Market (WESM) rules.
The Philippines aims to bring the share or renewables in the power generation mix to 35% by 2030 and 50% by 2040. Renewables represent 21% of the Philippine’s mix (2021), of which 10% from geothermal, 9% from hydro, and 1% each from wind, solar and biomass. The country possessed 443 MW of wind capacity in 2021.
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