Gen X Energy enters into a joint venture with ACE Enexor Inc., a subsidiary of AC Energy Corp., to develop Batangas Clean Energy, Inc.’s (BCE) 1,100 MW combined cycle power plant project. The project will be capable of using natural gas and green hydrogen as its fuel to provide firm power to the grid to meet the Philippines’ growing energy demand and reduce the country’s reliance on coal-fired power generation. The joint venture will result in Gen X Energy and ACE Enexor each holding a 50% interest in BCE.
Scott Kicker, Founder and Chief Executive Officer of Gen X Energy said, “We are excited about this opportunity to partner with ACE Enexor in the Philippines to meet the energy needs of the Philippines and facilitate the country’s transition to cleaner sustainable sources of energy.”
The project will be strategically located in the Batangas Bay Area of the Philippines, close to the load center of Metro Manila. Gen X Energy will continue holding a 50% interest in BCE through its wholly-owned subsidiary Red Holdings B.V.