AC Energy to invest Php4.5B in subsidiary for Zambales solar project


AC Energy (ACEN) is investing Php4.5 in its subsidiary that will run its solar project in San Marcelino, Zambales.

Based on its disclosure to the Philippine Stock Exchange on Wednesday, the said amount will be placed in subsidiary Santa Cruz Solar Energy, Inc.

The Ayala-led firm also issued a notice to proceed to develop, mobilize, design, and build the access and infrastructure and grid connection facilities of the San Marcelino project.

Another AC Energy subsidiary, Gigasol3, Inc., is constructing a 60-megawatt (MW) solar farm further up in the town of Palauig. Gigasol3 recently received Php200 million from ACEN’s SRO last January.

ACEN aims to build 5,000MW in renewable energy capacity by 2025.

The company also disclosed that management allowed subsidiary Buendia Christiana Holdings Corporation (BCHC) to execute an Option to Lease Agreement, and eventually, a Lease Agreement, with Tabangao Realty, Inc. for properties in Bgy. Malaya, Pililla, Rizal and in Brgy. Libjo, Batangas City.

BCHC is AC Energy’s subsidiary that will purchase land for the firm’s development projects.

Bgy. Malaya, meanwhile, is the site of its 150MW diesel power plant project.