ACEN advances Australia expansion with solar project in Pilbara region

ACEN CORP. is deepening its presence in Australia after securing financing for a 75-megawatt-alternating current (MWac) solar farm in Western Australia, marking a milestone for its partnership with an Indigenous group in the country.

In a statement on Monday, ACEN said Yindjibarndi Energy Corp. (YEC), its joint venture with Yindjibarndi Aboriginal Corp., had reached financial close for the Jinbi Solar Project in the Pilbara region.

The company said the project has secured funding, government approvals and contractual arrangements needed to proceed with construction, although it did not disclose the project cost.

The Jinbi Solar Project is the first YEC development to reach financial close since the partnership was formed three years ago.

Following the milestone, YEC issued notices to proceed to engineering, procurement and construction contractor DT Infrastructure and accommodation provider Rapid Camps.

“Reaching financial close on our first project in Pilbara within three years of the partnership’s operation is a significant milestone for YEC and our shareholders, the Yindjibarndi traditional owners and ACEN,” YEC Chief Executive Officer Craig Ricardo said in the statement.

The project is targeted for commercial operations by mid-2028.

YEC also plans to eventually expand the solar facility to 150 MWac and add battery energy storage systems, subject to approvals and future development decisions.

The joint venture signed a 30-year power purchase agreement with global mining company Rio Tinto, which will buy the entire electricity output of the solar farm as part of its decarbonization efforts.

“ACEN is proud to partner with Yindjibarndi on a project that meets rigorous commercial standards while setting a strong benchmark for responsible and respectful renewable energy development in Australia,” ACEN Group Chief Investment Officer Patrice Clausse said.

YEC aims to develop as much as 3 gigawatts (GW) of renewable energy projects across about 13,000 square kilometers of Yindjibarndi Ngurra.

Australia accounts for 28% of ACEN’s net attributable renewable energy capacity outside the Philippines. The company operates Australian solar farms with a combined capacity of 1,042 MW.

Overall, ACEN has about 7 GW of attributable renewable energy capacity across operational, under-construction and committed projects in the Philippines, Australia, Vietnam, India, Indonesia, Laos and the US.

ACEN shares gained 10 centavos to close at P3.39 each. — Sheldeen Joy Talavera