Pure Energy Holdings Corp. (PEHC) has gained majority stakes in three Central Luzon-based solar power plants.
PEHC said that its solar subsidiary, Just Solar Corp., inked a share purchase agreement to initially acquire 60 percent of the Solar Powered Agri-rural Communities Corp. (SPARC) that owns three major solar farms in Central Luzon.
The solar plants are the Palauig solar farm (5 MW), the Morong solar farm (5 MW) in Bataan, and San Rafael solar farm (3.82 MW) in Bulacan.
Overall, the three plants have a combined capacity of 13.86 megawatts.
The acquisition complements the company’s existing renewable energy portfolio of hydropower plants and geothermal projects and provides a platform for PEHC to diversify into solar energy.
“We are optimistic because these power plants have huge economic potential in Central Luzon, and plans are under way to expand their respective capacities. We are excited to begin working and delivering electricity through renewable energy sources in this region,” PEHC CEO Dexter Tiu said.
The solar farms which PEHC acquired are selling electricity to the Zambales Electric Cooperative (ZAMECO), Peninsula Electric Cooperative (PENELCO), and Manila Electric Co. (Meralco).