The board of Ayala-controlled AC Energy Philippines on Tuesday approved the plan to build a 60-megawatt solar power plant in Palauig, Zambales.
AC Energy of Ayala Corp. said the solar project would be constructed by subsidiary AC Energy Development Inc. and would be completed by 2020.
The company said in a disclosure to the stock exchange its board also approved additional short-term credit lines of up to P8 billion.
It also ratified the executive committee’s approval to enter into a share purchase agreement with the Philippine Investment Alliance for Infrastructure fund for the acquisition of the latter’s stake in Philippine Wind Holdings Corp., the parent company of North Luzon Renewables Energy Corp. which owns and operates an 81-MW wind farm in Pagudpud, Ilocos Norte.
AC Energy Philippines acquired PINAI’s stake in PhilWind for P2.7 billion. PhilWind directly and indirectly owns 67 percent of North Luzon Renewables, through its 38-percent direct interest and 28.7-percent indirect interest through subsidiary Ilocos Wind Energy Holding Co. Inc.
AC Energy Philippines said its board also approved the purchase of up to 100 percent of PINAI fund’s ownership interest in San Carlos Solar Energy Inc., which owns and operates a 45-MW solar farm in San Carlos City, Negros Occidental that is operating under the feed-in-tariff regime.
The board approved the purchase of up to 100 percent of PINAI fund’s ownership interest in Negros Island Solar Power Inc. which owns and operates the 80-MW solar farms in Negros Occidental.
AC Energy Philippines’ parent firm AC Energy Inc. previously announced plans to invest $1.2 billion of equity in 2020 to enable 1,500 MW of domestic and international power projects.
AC Energy is looking at putting up a total of 400 MW which includes the Alaminos solar project, Luzon solar project, Luzon wind project and Ingrid (Pililla) peaking plant.
It is also developing 400 MW of solar projects in Australia and 300 MW in Vietnam.
The company is also eyeing 400 MW of power projects in India and Myanmar.