New renewable energy agreements have been signed in the Philippines.
The first agreement was signed between Alsons Power Group, the power platform of Alsons Consolidated Resources Incorporated and the Development Bank of the Philippines for a PHP3.3 billion loan to finance the construction of a 14.5 MW Siguil hydro power project located in the Sarangani Province. The commercial operations of the project are scheduled to commence in the second quarter of 2023. Under the second agreement, AC Energy (ACEN), a subsidiary of the Ayala Group, has renewed its power supply deal with Polyfoam-RGC International Corporation. Financial details regarding the renewal have not been released. Under the contract, ACEN will supply renewable energy to Polyfoam-RGC’s manufacturing plants in Alabang, Muntinlupa City; Valenzuela City and Canlubang, Laguna.