The 72 MW Arayat-Mexico Solar Farm, a joint venture between ACEN and Citicore, is now fully operational, generating 105 GWh of renewable energy, the equivalent of supplying electricity to approximately 45,000
homes. This is a critical addition to the grid, where the energy industry is taking significant steps to ensure a reliable power supply. The solar project helps avoid an estimated 72,000 metric tons of carbon dioxide emissions annually, and has created more than 1,500 job opportunities within the community, thereby stimulating much needed activity in the local economy. The 2.9 billion solar facility was completed in less than a year since its groundbreaking in June 2021, meeting its objective to enhance the country's energy supply particularly in Luzon especially during the summer months when demand is at its peak. The 50-50 joint venture is now on full throttle to develop the project's 44 MW second phase that is expected to be commissioned by second quarter of 2023, allowing it to realize its full capacity of 116 MW. The project was funded through a debt replacement and shall be refinanced with at least 40% equity and up to 60% bank debt.