Listed Harbor Star Shipping Services Inc. through a unit acquired the entire issued and outstanding capital stock of Astroenergy Development F1 Inc., paving the way for its entry into the energy business.
ADF1 is an affiliate of Astroenergy Development Gensan Inc., which has the permit to operate a 25-megawatt to 75-MW solar power plant in General Santos City. The initial capacity of 25 MW capacity will be completed in the second quarter.
“The entry of TUGS in the energy sector is pursuant to its strategy to diversify its business interests focusing on core industries. By investing in solar power and General Santos City, TUGS positions itself in the energy sector of the future and a territory where major development will be seen in the next 10 years,” Harbor Star said.
ADG has received a certificate of commerciality from the Energy Department and has an existing approved power supply agreement from the Energy Regulatory Commission with South Cotabato II Electric Cooperative.
Socoteco II will purchase the entire energy output of the project.
Harbor Star said the acquisition of ADF1 is expected to provide additional revenues to the company and increase shareholder value.
“ADF1 has its own ancillary permits and contracts to support the expansion of the 25 ADGI solar power plant to 75 MW,” Harbor Star said.
ADF1 is a stock corporation incorporated on February 11, 2015. It is engaged in the business of generating power derived from solar energy and other viable sources of renewable power.
ADF1 is also engaged in the business of selling through wholesale the electric power it generated to private electric utilities, electric cooperatives, the spot market and other consumers.
Harbor Star was registered with the Securities and Exchange Commission on July 5, 1988 under the Seatows Inc.