The AC Energy Holdings Inc. has officially taken over the Bronzeoak Philippines Inc. to fasten the ramp up of its renewable energy portfolio to 1,000 megawatts (MW) by 2020.
In a disclosure to the Philippine Stock Exchange, Ayala Corp said that its subsidiary, AC Energy, has signed definitive documents to acquire 100 percent of Bronzeoak Clean Energy (BCE) and San Carlos Clean Energy (SCCE), Bronzeoak Philippines’s operating companies.
“We are excited about this acquisition, as it strengthens AC Energy’s development capabilities. Bronzeoak is a leading developer of renewable energy projects, and there is so much complementarity between our groups. With this strong platform, I believe that AC Energy can scale up its renewable energy portfolio to 1,000MW by 2020,” AC Energy president and CEO John Eric Francia said in a statement.
This acquisition gives AC Energy renewable energy development, management, and operations platform that has a track record of successful project development.
It will also give the company the platform to accelerate its renewable energy expansion.
With the acquisition, the SCCE and BCE have been renamed to AC Energy DevCo Inc. and Visayas Renewables Corp., respectively.
SCCE (AC Energy DevCo Inc) owns the San Carlos Solar Energy Inc (Sacasol), Negros Island Solar Energy Inc. (Islasol) and Monte Solar Energy Inc.
Meanwhile, BEC (Visayas Renewables Corp) owns the San Carlos BioPower Inc., South Negros BioPower Inc., and North Negros BioPower Inc.
AC Energy is looking to grow its conventional and renewable energy to 2,000 MW by 2020.