THE energy unit of Ayala Corp. (AC) is investing in a billion-peso solar power plant in Negros Oriental.
In a disclosure to the Philippine Stock Exchange (PSE), Ayala Corp. said its wholly owned subsidiary, AC Energy Holdings Inc. (AC Energy), has signed a Subscription and Shareholders’ Agreement with Bronzeoak Clean Energy Inc., the investment arm of Bronzeoak Philippines Inc. (Bronzeoak), for the development, construction and operation of a solar power farm in Bais City, Negros Oriental.
According to AC, the project will be owned and operated by Monte Solar Energy Inc. (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 up to 40MW.
Bronzeoak was the developer and current managing shareholder of the 45-MW San Carlos Solar Energy (SacaSol) project, the country’s first and largest solar farm, inaugurated by President Benigno S. Aquino 3rd in May 2014.
Sacasol was the first ever renewable energy project that was awarded a feed-in-tariff (FiT) incentive under the Philippine FiT System.
AC Energy President and Chief Executive Officer John Eric Francia said the project serves as a good entry platform for the company’s investment in solar power, “particularly as technology costs have dramatically improved over the past few years.”
“We are excited to pursue this opportunity and expand our renewable energy assets in line with our broader objective to create a balanced energy portfolio,” said Francia.
Bronzeoak president Jose Maria Zabaleta said Montesol is part of Bronzeoak’s development portfolio of 202 MW of solar projects now in operation or under construction.
“We couldn’t be any more excited to be welcoming a partner like AC Energy into MonteSol and into the solar power sector,” said Zabaleta.
Montesol President Xavier Zabaleta said renewable energy brings reliable and clean power to the countryside to accelerate the nation’s sustainable development.
“The investment of AC Energy will only accelerate the ongoing rapid development of Negros,” Zabaleta said.
Zabaleta added that investments like these have been made possible by the strong leadership and project support of the provincial governors of Negros and the local governments of Bais, San Carlos, La Carlota and Manapla.