Ayala unit powers up solar plant in Negros

CEBU, Philippines - AC Energy Holdings, wholly-owned subsidiary of Ayala Corp., has completed and energized its 18-megawatt (MW) solar power farm in Negros Oriental that supplies the power needs of Cebu and Dumaguete.

In a disclosure to the Philippine Stock Exchange yesterday, Ayala said: "The project is located close to the Cebu-Negros undersea cable and helps meet the rapidly growing daytime power requirements of Dumaguete and Cebu."

The solar farm is owned and operated by Monte Solar Energy Inc. (Montesol), a joint venture between AC Energy and Bronzeoak Clean Energy Inc.

"Montesol met all the requirements set forth by the Department of Energy and the National Grid Corporation of the Philippines and has since been dispatching the full 18MW to the grid," Ayala noted.

Ayala added the 18MW is the first phase of the targeted total of 50MW solar power farms to be completed by the joint venture.

In a disclosure on Sept. 5 last year, the conglomerate said the project's total cost is P1.3 billion. The second phase involves the expansion of the initial 18MW solar power plant.

AC Energy President and CEO John Eric Francia had said in the disclosure the solar plant, located in Bais City, Negros Oriental, would expand the power firm's renewable energy assets to create a balanced energy portfolio.

Shares of Ayala Corp. opened at P710 per share in yesterday's early trading.  — (FREEMAN)