AC Energy Development Inc., formerly Bronzeoak and San Carlos Clean Energy, announced the development of a new solar power plant project in Zambales.
AC Energy Philippines Inc. (Aceph), formerly Phinma Energy Corp., said Tuesday that the Board of Directors approved the investment into and construction of a solar power plant project in Palauig, Zambales, through AC Energy Development.
When sought for further details, Aceph President Eric Francia said in a text message that the new solar power project will have a capacity of “600 MW” (megawatts) and will be constructed in “2020.”
No additional details were provided by Francia, who is out of the country.
Bronzeoak and San Carlos Clean Energy has over a decade of experience in the development, management and operations of renewable-energy projects, particularly with the solar and biomass energy generation companies San Carlos Solar Energy Inc. (Sacasol), Negros Island Solar Energy Inc. (Islasol) , Monte Solar Energy Inc., San Carlos BioPower Inc., South Negros BioPower Inc., and North Negros BioPower Inc.
In the same disclosure, the board approved the take over by Aceph of the Philippine Investment Alliance for Infrastructure (Pinai) solar farms in Negros and wind farm in Ilocos Norte.
Aceph will purchase Pinai’s 100-percent interest in Sacasol, which owns and operates a 45 MW solar farm in San Carlos City, Negros Occidental, operating under the feed-in-tariff (FiT) regime.
Likewise, the board approved Aceph’s purchase of up to 100 percent percent of Pinai ownership interest in Islasol, which owns and operates the 80 MW solar farms in Negros Occidental.
Further, the board ratified the Executive Committee’s approval to enter into a share purchase agreement with Pinai fund for the acquisition by Aceph of the latter’s ownership interest in Philippine Wind Holdings Corp. (PhilWind), the parent company of North Luzon Renewable Energy Corp. (NLREC).
NLREC owns and operates an 81 MW wind farm in Pagudpud, Ilocos Norte.
Earlier, Aceph signed an agreement to acquire Pinai’s shares in Phili Wind for P2.7 billion.
PhilWind directly and indirectly owns 67 percent of NLREC, through a 38-percent direct interest and 28.7-percent indirect interest through its 100-percent wholly-owned subsidiary, Ilocos Wind Energy Holding Co. Inc.
NLREC, meanwhile, is a joint venture of Aceph’s parent firm, AC Energy Inc., UPC Philippines Holdco I BV, Luzon Wind Energy Holdings BV (an affiliate of Mitsubishi Corp.) and Pinai.
Other matters approved by the board in its meeting include an additional short-term credit lines of up to P8 billion, Aceph’s financial statements for the nine months ended September 30 and the company’s budget for calendar year 2020.