Macquarie-managed fund buys into islaSol

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THE Philippine Investment Alliance for Infrastructure (PINAI), a fund managed by the Macquarie Group, has completed its second solar plant investment in the country with the acquisition of a majority stake in Negros Island Solar Power (islaSol).

The deal brings PINAI’s solar assets in the country to125 megawatts, adding 80 MW to its first 45 MW transaction.

The project comprises two solar farms in Negros Occidental, a 32-MW plant located in La Carlota and a 48-MWfacility in Manapla. Both plants are currently under construction and scheduled for completion in early 2016.

The transaction was on top of PINAI’s purchase of San Carlos Solar Energy (Sacasol) in September.


PINAI is managed by Macquarie Infrastructure and Real Assets (MIRA).

Both the SaCaSol and islaSol solar farms are eligible for the local feed-in-tariff (FiT) program, under which a second wave of tariff incentives was approved by the Energy Regulatory Commission (ERC) in May of this year.

PINAI’s investors include the Government Service Insurance System (GSIS), Asian Development Bank (ADB), APG Asset Management (APG), and Macquarie.

APG, which is a strong supporter of increased investments in sustainable energy generation, has acquired a minority stake in islaSol alongside PINAI.

IslaSol was developed by Bronzeoak Philippines, whic continues to be a shareholder and the operator of the power plant.

Jose Maria P. Zabaleta, president of Bronzeoak Philippines, said PINAI’s acquisition of islaSol reflects the fund’s strong commitment to building a clean energy infrastructure for the Philippines.

“We are delighted to expand our partnership with the country’s leading infrastructure fund, its investors, as well as with its manager, MIRA, a global leader in infrastructure investment and asset management,” said Zabaleta.

Construction at the islaSol sites commenced in August 2015.

When connected, the farms are anticipated to supply over 120,000 kilowatts per hour (kWh) of daytime peak power to the Luzon-Visayas grid.

Both plants are scheduled for completion in early 2016 and estimated to deliver electricity to some 200,000 homes across the region.

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