Ayala, Bronzeaok turns on 18MW solar farm

Ayala Corp.'s wholly-owned subsidiary AC Energy Holdings Inc. has energized its 18-megawatt (MW) solar power farm for the electricity needs of Cebu and Dumaguete.

"The project is located close to the Cebu-Negros undersea cable and helps meet the rapidly growing daytime power requirements of Dumaguete and Cebu," Ayala said in a disclosure to the Philippine Stock Exchange on Tuesday.

Monte Solar Energy Inc. (Montesol) owns and operates the solar farm. Montesol is a joint venture between AC Energy and Bronzeoak Clean Energy Inc.

AC Energy said it has met all the requirements set by the Department of Energy (DOE) and the National Grid Corp. of the Philippines (NGCP).

"Montesol’s 18MW is the first phase of the targeted total of 50MW solar power farms to be completed by the joint venture," Ayala noted in the disclosure.

The project forms part of than P1.3 billion of investment earlier announced by the AC Energy.

“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 in an earlier filing. – Jon Viktor Cabuenas/VDS, GMA News