Pure Energy Holdings Corp. through unit Just Solar Corp. acquired majority stakes in three solar farms in Central Luzon with a combined capacity of 13.86 megawatts.
Pure Energy said in a statement it signed an agreement to initially buy 60 percent of Solar Powered Agri-Rural Communities Corp., owner of the three solar projects.
The three solar farms are Palauig in Zambales, Morong in Bataan and San Rafael in Bulacan.
The Palauig solar farm in Barangay Salaza has over 5 MW in capacity. It was included in the projects eligible for the solar feed-in tariff of P8.69 per kilowatt-hour under the second wave of installation target of the energy Department.
The Morong solar farm in Barangay Sabang also has over 5 MW in capacity, while the San Rafael solar farm in Barangay Pasong Inchik has a 3.82-MW output.
“This acquisition complements our existing renewable energy portfolio of hydropower plants and geothermal assets. We are optimistic because these power plants have huge economic potential in Central Luzon, and plans are underway to expand their respective capacities. We are excited to begin working and delivering electricity through renewable energy sources in this region,” said Pure Energy chief executive officer Dexter Tiu.