Macquarie raises solar portfolio

MANILA, Philippines - An equity investment fund managed by Macquarie Infrastructure Management (Asia) Pty Limited has increased its solar power portfolio after buying into Bronzeoak Philippines’ Negros project.

In a statement, Bronzeoak said the Philippine Investment Alliance for Infrastructure (PINAI), managed by Macquarie Infrastructure and Real Assets (MIRA), completed its second solar plant investment with the acquisition of a majority stake in Negros Island Solar Power (islaSol).

The terms of the transaction, however, were not disclosed.

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

The deal brings PINAI’s Philippine solar assets to 125 megawatts (MW), adding 80 MW to its first 45 MW acquisition of San Carlos Solar Energy (Sacasol) in September.

“PINAI’s acquisition of islaSol represents the fund’s strong commitment to building the country’s clean energy infrastructure. 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,” Bronzeoak Philippines president Jose Maria P. Zabaleta said.

The 45-MW SaCaSol plant, inaugurated in May 2014, was the first project to receive incentives under the feed-in-tariff (FIT) scheme.

On the other hand, islaSol comprises of two solar farms in Negros Occidental with 32 MW located in La Carlota and 48 MW in Manapla.