AC Energy investing P1.9 billion for Laguna solar plant

MANILA, Philippines — AC Energy Philippines Inc. is investing nearly P1.9 billion to bankroll a solar plant in Alaminos, Laguna.

In a disclosure to the Philippine Stock Exchange yesterday, AC Energy Philippines said it signed an agreement with SolarAce1 Energy Corp., wherein the former will subscribe to six million class A common shares and 180 million class A redeemable preferred shares (RPS) from its planned authorized capital hike.

Subject to the approval of the Securities and Exchange Commission (SEC), AC Energy Philippines will own 25.83 percent of SolarAce1.

The company’s total subscription amounts to P1.86 billion, which will be used to fund initial works of the solar project of SolarAce1.

SolarAce1 is developing a 120-megawatt (MW) solar power farm in the municipality of Alaminos, Laguna.

AC Energy Philippines said it would settle payment for the common shares and 35 percent of the RPS amounting to P699.96 million, while the balance would be paid in full within the year.

The 120-MW solar plant will form part of the over 500-MW greenfield capacity commitment of AC Energy Philippines to double its attributed capacity by the end of the year.

Other projects include the 60-MW solar farm in Palauig, Zambales, and the 150-MW peaking plant in Pililia, Rizal.

Currently, AC Energy Philippines has a brownfield capacity of 650 MW.

These include the existing capacity under Phinma Energy Corp., several power assets of parent firm AC Energy Inc., acquisition of the 20 percent stake of Japan’s Marubeni Corp. under Axia Power Holdings Philippines Inc. in South Luzon Thermal Energy Corp. (SLTEC), and the buy out of Philippine Investment Alliance for Infrastructure (PINAI) in North Luzon Renewables Energy Corp. (NLREC) and in two solar power plants in Negros Occidental, namely San Carlos Solar Energy Inc. (Sacasol) and Negros Island Solar Power Inc. (Islasol).