THE Philippine Investment Alliance for Infrastructure (PINAI) fund has acquired a majority stake in San Carlos Solar Energy Inc. (Sacasol), which operates a solar facility located in Negros Occidental.
In a statement, Sacasol said that PINAI fund, managed by Macquarie Infrastructure and Real Assets (MIRA), completed its acquisition of a majority stake in Sacasol in recent weeks.
At the same time, Sacasol said it has completed the expansion of its 45-megawatt (MW) solar power facility in Negros Occidental.
“In doing so, Sacasol goes from being the first to also currently the largest solar power farm in the country,” the company said.
PINAI’s investors include the Government Service Insurance System (GSIS), Asian Development Bank (ADB), Langoer Investments Holdings B.V., and Macquarie.
Financing to construct Sacasol was provided by its previous shareholder, ThomasLloyd CTI Asia, and the Bank of the Philippine Islands.
Sacasol was developed by Bronzeoak Philippines, who continues to be a shareholder and operator of the solar facility.
The solar farm is located in San Carlos City in Negros Occidental, an emerging green city that is quickly becoming known as the renewable energy center of the Visayas.
Situated on 70 hectares within the 405-hectare San Carlos Economic Zone, the project is a pioneering solar plant of both Bronzeoak and the Philippines.
“As the country’s first and currently largest solar farm, we are pleased to welcome as our new partner, Macquarie Infrastructure and Real Assets (MIRA),” said Jose Maria P. Zabaleta, president of Bronzeoak Philippines.
Zabaleta said MIRA’s extensive global experience with infrastructure asset management ensures the continued and long-term success of Sacasol for all its stakeholders.
The solar farm was inaugurated in May 2014 and completed with the strong support of the host city’s local government and community.
Composed of approximately 175,000 panels, it provides electricity to over 100,000 homes and supplies daytime peak power to the Visayas Grid.
Bronzeoak has several other solar plants under construction, all of which are expected to be operational by March 2016. –