AC Energy buys into solar firm

    1103

    AC Energy Corp. has acquired 244,000 shares of Solar Philippines Central Luzon Corp. for P244,000 from Solar Philippines Power Project Holdings, Inc.

    In a disclosure to the Philippine Stock Exchange, the company said that a deed of absolute sale of shares was already signed for a par value of P1 per share as the transaction is meant to implement the joint venture between the two parties for the development of solar power projects in the Philippines.

    “AC Energy is keen to enable other developers to accelerate the scaling up of renewables in the country. We look forward to working with Solar Philippines to help build a sustainable future,” said Eric Francia, the company’s president and chief executive officer.

    AC Energy it will start the construction of at least 1,500 megawatts (MW) worth of renewable energy capacity this year for projects that will be located in the Philippines, Australia, Vietnam and India.

    From the said projects, 500 MW will be in the Philippines, another 500 MW in Australia while the remaining 500 MW will be distributed between India and Vietnam.

    The company also said that it can achieve its 5,000 MW target RE capacity by 2025 as half of it can be realized as early as this year apart from securing the needed funding.

    At present, the group has RE capacities broken down to 450 MW from local projects and another 900 MW from abroad which would total to 2,850 MW if the 1,500 MW worth of developments this year will already be counted. – Jed Macapagal