Spanish renewable energy leader Acciona Energia (BME:ANE) has taken a significant step towards bolstering its foothold in the Philippines with the acquisition of an 80% stake in Freya Renewables, a prominent renewable energy consultancy in the country.
The acquisition grants Acciona Energia access to a substantial portfolio of 880 MW worth of projects under development in the Philippines, further solidifying its position in a market where its parent company, Acciona SA, is already deeply established.
Acciona Energia refrained from disclosing the financial specifics of the acquisition.
Already collaborators on multiple ventures in the Philippines, Acciona Energia and Freya Renewables have joined forces on various projects, including a wind farm development initiative in Pantabangan and a 150-MW solar endeavor in Daanbantayan on Cebu island. Notably, the solar project is a collaborative effort between Acciona Energia, Freya Renewables, and the provincial government of Cebu.
Exciting developments lie ahead, with the imminent commencement of construction on the Daanbantayan solar farm, as confirmed by Acciona Energia.
The company's Philippine portfolio also encompasses the Kalayaan 2 wind project, a 100-MW endeavor currently in the construction phase in Laguna Province.
