Ayala unit to place over P1B in solar power

AC Energy Holdings, a wholly-owned subsidiary of Ayala Corp., is investing more than P1 billion to develop a solar power plant in Negros Oriental, the conglomerate told the local bourse Wednesday.

In a filing with the Philippine Stock Exchange, Ayala noted that AC Energy and Bronzeoak Philippines Inc. investment arm Bronzeoak Clean Energy Inc. signed on September 8 a subscription and shareholders’ agreement to develop, build and operate a solar power farm in Bais City, Negros Oriental.

The project will be owned and operated by a special purpose vehicle company, Monte Solar Energy Inc. (MonteSol).

The first phase of farm covers a P1.3-billion, 18-megawatt (MW) solar power plant to be completed by March 2016. The second phase will expand power plant capacity to 40 MW.

“This project serves as a good entry platform for our investment in solar power, particularly as technology costs have dramatically improved over the past few years,’ AC Energy President and CEO John Eric Francia said.

“MonteSol is part of Bronzeoak’s development portfolio of 202 MW of solar projects now in operation or under construction, and we couldn’t be any more excited to be welcoming a partner like AC Energy into MonteSol and into the solar power sector,” Bronzeoak President Jose Maria P. Zabaleta said.

“Renewable energy brings reliable and clean power to the countryside to accelerate our nation’s sustainable development and the investment of AC Energy will only accelerate the ongoing rapid development of Negros,” Zabaleta added.

Bronzeoak was the developer and managing shareholder of San Carlos Solar Energy, the country’s first solar farm. – Jon Viktor Cabuenas/VS, GMA News