ACR also approved a performance undertaking to be issued to its long-time partner Toyota Tsusho Corporation (TTC) in support of the sale to the Japanese government of half of the Siguil Hydro Project’s carbon credits. This was done under the auspices of the Japanese government’s Joint Credit Mechanism (JCM) for the reduction of world-wide carbon emissions. A JCM project is typically implemented by Japan and a host country through bilateral agreements. Under the JCM, projects using advanced low-carbon technology such as the Siguil Hydro project are implemented and the resulting greenhouse gas emission reductions may be credited to the project proponents of both participating countries-thus allowing for Siguil Hydro to receive additional revenues through the sale of carbon credits. In line with this, an international consortium agreement between ACR, AREC, TTC and SHPC was signed on 26 September 2017.ACR is primarily engaged in power generation in the island of Mindanao and is Mindanao’s first and most experienced independent power producer. It currently operates four power plants that have all contributed significantly to helping end the power shortage in Mindanao. Early this year, ACR subsidiary Sarangani Energy Corporation (SEC) began construction of the 2nd 105 MW section of the 210 MW Sarangani Energy baseload coal-fired power plant also located in Maasim, Sarangani Province. Construction for SEC Section 2 is currently proceeding ahead of schedule and the plant expected to begin commercial operations in early 2019. By 2021, ACR-affiliated power facilities will have around 588 MW of generating capacity –approximately 25% of Mindanao’s projected peak power demand for that year. |
