Acciona Energía, a Spanish renewable energy developer, has furthered its foothold in the Philippines by gaining an 80% stake in Philippine consultancy firm Freya Renewables.
This strategic move is set to reinforce Acciona’s presence in the Philippines and grant access to an additional 880MW portfolio of in-development projects.
Manuel Entrecanales, Chairman and CEO of Acciona, reiterated the company’s commitment to advancing renewable energy initiatives in the region. Acciona plans to extend its support to communities in Palawan, including the construction, operation, and maintenance of a 150MW solar power plant in Daanbantayan.
Acciona is also involved in other key projects across the Philippines, such as the recently announced development of a 156MW wind farm in Pantabangan and the construction of a 100MW Kalayaan 2 wind array in Laguna Province.
The acquisition also serves to strengthen existing partnerships by collaborating on these projects, exemplified by the Daanbantayan solar farm being a joint venture by Accona Energía, Freya Renewables, and the Cebu provincial government
These projects align with the Philippines government’s goal of increasing the share of renewables in its energy mix to 35% by 2030 and 50% by 2040.
Financial details of the stake acquisition were not disclosed.
[Image credit: Acciona]
