AYALA Corporation (AC) has approved the investment of its power unit in Monte Solar Energy, Inc. (MonteSol) for a solar power project in Negros Oriental.
In a disclosure to the Philippine Stock Exchange (PSE), Ayala Corporation said its wholly-owned subsidiary, AC Energy Holdings, Inc. (AC Energy), has signed an agreement with MonteSol.
MonteSol is a joint venture between AC Energy Holdings Inc. and Bronzeoak Clean Energy Inc., the investment arm of Bronzeoak Philippines Inc (Bronzeoak).
According to AC, the project will be owned and operated by MonteSol, a special purpose vehicle company, and shall be undertaken in two phases.
The first phase is for an 18-megawatt (MW) solar power plant with a total project cost of P1.3 billion and is targeted for completion by March 2016.
The second phase is for the expansion of the initial 18-MW solar power plant to raise its capacity to 40 MW.
MonteSol has named Conergy, a leading German photovoltaic (PV) solution and service provider, to put up the solar power plant in Bais, Negros Oriental.
Conergy will be responsible for the engineering and design, component procurement, and project management of the new plant.
The new solar farm will occupy a land area of 213,292 square meters and is expected to generate 24,205 megawatt hours of electricity annually.
This is sufficient power to supply the equivalent of 10,085 households in the region and save 14,838 tons of carbon emissions (CO2) every year.
Bronzeoak was also the developer and is the managing shareholder of the 45-MW San Carlos Solar Energy (SacaSol) project.
The SacaSol project is considered as the country’s first and largest solar farm, inaugurated by President Benigno S. Aquino 3rd in May of 2014.