Modern Energy Management (MEM), a specialist in developing, building and operating investment grade renewable energy projects in emerging markets announced that it has successfully completed its role as the Owner's Engineer for the Solarace 120MW solar project for AC Energy (PSE: ACEN) in Philippines. MEM is assisted in the project by SIDCORE Consulting, a Philippine based consulting firm that has extensive experience from pre-development to implementation of renewable energy projects.
The Solarace project was recently commissioned and began exporting power on 21 June 2021.
"As an expanding renewable energy business," said Anabele Natividad, Vice President of Development for AC Energy, "we selected MEM because of our positive experience with them on previous projects in both the Philippines and the across Southeast Asia. With the unexpected issues that came up during construction due to the pandemic, our trust in them was strengthened by their ability to pivot and safely complete the project in such a challenging environment."
"Covid made this project challenging," stated Lars Lund, Project Director of Modern Energy Management, "but the strength of our team enabled us to successfully navigate those new challenges to complete the construction process. This included implementing procedures to ensure the safety of the construction teams during this period while maintaining the project schedule to meet the needs of AC Energy's business plan."
AC Energy has a growing renewable energy footprint in Southeast Asia. The company set a goal to develop a capacity of 5000 MW of renewable energy capacity by 2025, of which almost half is slated to be developed in Philippines.
"This is the second Philippines project for AC Energy we have completed in recent months," Mr. Lund continued. "We view Philippines as the next hot market' in Southeast Asia, and see the strong growth potential of solar, wind and storage in this market."
The Philippines' overall renewable energy (RE) objective, per the "Renewable Energy Roadmap 2017-2040," is an increase of RE installed capacity to at least 20GW.
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About Modern Energy Management
Modern Energy Management (MEM) is more than a technical advisory firm. Advising on commercial, financial, and project risk management, the firm enables investors to successfully develop, construct and operate investment grade projects in emerging markets.
This is accomplished by offering world-class renewable energy expertise with emerging market experience. MEM is also unique in its confidence of services provided, truly partnering with select clients by sharing project risk, "putting skin in the game."
Based in Singapore, Bangkok and Vietnam, MEM is currently managing development, construction and operations of wind and solar projects throughout ASEAN and central Asia.
For more information, please visit: http://modernenergy.management
About AC Energy
AC Energy Corporation is the listed energy platform of the Ayala Group. The company has ~1,200 MW of attributable capacity in the Philippines. This is expected to increase with the completion of the infusion of AC Energy International, which has ~1,400 MW of attributable capacity.
AC Energy's aspiration is to be the largest listed renewables platform in Southeast Asia, with a goal of reaching 5,000 MW of renewables capacity by 2025.
For more information, please visit: https://www.acenergy.com.ph
