Mindanao solar power project changes hands
The Philippine Competition Commission has approved the acquisition of Alterpower Specialist, Inc. of the shares of Enfinity Philippines Renewable Resources Fourth, Inc., allowing it to acquire a solar power project in Mindanao.
The PCC approved the acquisition as it “does not result in substantial lessening of competition in the relevant market, considering that post transaction, sufficient constraints remain from other market participants and does not result in increased likelihood of anti-competitive coordinated behavior.”
The PCC, an independent quasi-judicial body created to promote and maintain market competition by regulating anti-competitive products, issued the ruling last April 12.
Alterpower Specialist, a local firm headed by businessman Jose Silvestre Natividad acquired Enfinity’s 28.6-megawatt solar power project located in a 34-hectare land farm in Brgy. San Roque, Digos City, Davao del Sur.
The solar project was completed in 2016 with Sterling and Wilson of India as its international engineering, procurement and construction contractor with Meralco Industrial Engineering Services Corp. as its local contractor.
Alterpower is engaged in the construction and maintenance of solar electric facilities.
The company’s majority shareholder is Clean Renewable Energy Solutions Philippines also known as Cresphil.
The Renewable Energy Law of 2008 paved the way for billions of pesos worth of investments from thousands of megawatts of renewable energy projects around the Philippines.
Renewable energy projects such as geothermal, hydro, wind, biomass and solar accounted for 7,709 megawatts of installed power generation capacity in 2017, next to coal.