AC Energy (ACEN) is partnering with Solar Philippines Power Project Holdings, Inc. (SP) to build and develop solar projects across the country.
In a disclosure to the Philippine Stock Exchange, the Ayalas’ power arm said that its board of directors approved the proposed joint venture during its board meeting last Friday (January 22).
ACEN further said in its disclosure that it would subscribe to Solar Philippines’ primary and secondary shares, as well as those of SP subsidiary Solar Philippines Central Luzon Corporation (SPCLC). The Ayala-led firm said it also granted SPCLC the authority “to participate in biddings for electricity supply.”
“[ACEN] signed a Deed of Absolute Sale of Shares with [SP] for the acquisition by ACEN of SP’s two hundred forty-four thousand (244,000) common shares in [SPCLC] with a par value of Php1.00 per share or a total par value of [Php 244,000.00],” the Ayala firm said in a related disclosure.
Relative to this, AC Energy President and CEO John Eric Francia said in a Manila Bulletin report that most of the projects under the partnership would be in Central Luzon.
AC Energy’s board also approved the sharing of the company’s credit facilities with its wholly-owned subsidiary, Santa Cruz Solar Energy, Inc. to enable it to participate in biddings for electricity supply.
ACEN is also set to lease land in Alaminos, Laguna from Ayala Land subsidiaries Crimson Field Enterprises, Inc. and Red Creek Properties Inc. for the company’s Eco-Learning Hub.
AC Energy and Solar Philippines have been aggressively pursuing their respective renewable energy (RE) ventures. ACEN is targeting to have 5,000 megawatts of capacity in its RE portfolio by 2025, half of which it targets to achieve this year. Meanwhile, SP plans to build over one gigawatt of solar projects in Central Luzon and CALABARZON within the year.
ACEN has just concluded its stock rights offering, while SP is planning to go to public.
Solar Philippines was founded by millennial businessman Leandro Leviste, the son of Antique Rep. Loren Legarda and former Batangas Gov. Antonio Leviste.