AC Energy to put up solar farm in Zambales

Manila, Phillipines — AC Energy Philippines Inc. is putting up a 60-megawatt (MW) solar farm in Zambales as part of plans to expand its renewable energy portfolio.

The company disclosed to the Philippine Stock Exchange yesterday that it received board approval to invest and construct a solar power plant project in Palauig, Zambales.

The solar project would be pursued through AC Energy Development Inc. It is targeted for completion within 2020, AC Energy Philippines president and chief executive officer Eric Francia said.

Construction of the project will be financed by the P8-billion short-term credit lines it is eyeing to secure.

Apart from the solar project, the P8-billion borrowing will be used for working capital and to fund other development projects.

The borrowing will be on top of the P15-billion term loan facilities announced by the company last month, which will also be used to fund its new investments.

The Ayala firm is investing in a 120-MW solar farm project in Alaminos, Laguna, and a 150-MW diesel power project to be located in Pililla, Rizal—which are both being developed by AC Energy DevCo Inc., which is affiliated with Ayala Energy Holdings Inc.

Meanwhile, AC Energy Philippines is also buying the ownership interests of Philippine Investment Alliance for Infrastructure (PINAI) in San Carlos Solar Energy (SACASOL) and Negros Island Solar Power Inc. (ISLASOL).

SACASOL owns and operates a 45 MW solar farm in San Carlos City, Negros Occidental that is operating under the feed-in-tariff (FIT) regime while ISLASOL owns and operates the 80 MW solar farms in Negros Occidental.

The Ayala firm earlier signed a share purchase agreement with PINAI to acquire the latter’s stake in North Luzon Renewables Energy Corp. for P2.7 billion.

PINAI is a fund composed of Macquarie Infrastructure Holdings (Philippines) Pte. Ltd., Langoer Investments Holding B.V. and the Government Service Insurance System (GSIS).

AC Energy Philippines is currently consolidating all power assets of its parent firm AC Energy Inc.—both thermal and renewable—into one roof.

These include the 2x135-MW coal-fired power plant in Calaca, Batangas under South Luzon Thermal Energy Corp. (SLTEC) and its renewable energy pipeline such as the 52-MW Northwind Power Development Corp. in Bangui, Ilocos Norte; the 81-MW wind farm in Pagudpud, Ilocos Norte through its affiliate North Luzon Renewable Energy Corp. (NLREC), and the 18-MW solar plant in Negros Oriental under Monte Solar Energy Inc. (Montesol).

By 2025, AC Energy Philippines plans to put up 2,000 MW of renewable energy (RE) capacity with an aim to become a leader in RE development in the country.

AC Energy Philippines roughly has 150 MW of RE capacity from Phinma Energy Corp. and AC Energy parent.