Harbor Star Shipping Services Inc. has diversified into power generation through the acquisition of a 60-percent stake in Astronergy Development Gensan Inc., which is developing a solar project in General Santos.
Harbor Star Shipping said in a disclosure unit Harbor Star Energy Corp. signed an agreement to purchase of 45 percent of the issued capital stock of Astronergy from existing shareholders and subscribe to primary shares for $6.3 million equivalent to a combined 60 percent of Astroenergy.
Astroenergy has permits, licenses and entitlements to operate a 25-megawatt, and expandable to 75 MW, solar power plant in General Santos.
“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 Shipping said.
Along with Astronergy Development Group, which will maintain a 40-percent stake, Harbor Star Shipping’s entry into Astronergy Development Gensan Inc. “will provide a new steady income stream and, necessarily, increase shareholder value.”
Astronergy has received a certificate of commerciality from the Department of Energy and has power purchase agreement with South Cotobato II Electric Cooperative Inc.
Under the PPA, Socoteco II will buy all the energy output from the project. The construction of the initial 25-MW solar power plant will be completed by the second quarter net year.
The acquisition of a stake in Astronergy is expected to provide additional revenues to Harbor Star Shipping. Alena Mae S. Flores
