Solar Philippines has appointed a new chief executive officer (CEO) in preparation for its initial public offering (IPO).
The appointment of Martin Crotty is part of the company’s new strategic direction to bring in partners and professionals prior to the IPO.
Solar Philippines said Crotty previously served as president of AES Asia where he managed power plants in Vietnam, India, Sri Lanka and the Philippines aside from being a CEO of Upwind Solutions where he managed the operations of over 10 gigawatts (GW) of solar and wind plants in North America at EDF Renewables.
“We’re now finding more and more partners and colleagues who can see the time for solar in the Philippines is now. With our new partners and colleagues, we are more optimistic than ever that we can deliver the largest portfolio of renewable energy projects in Southeast Asia,” Leandro Leviste, Solar Philippines’ chairman, said in a statement.
When asked if the IPO will push through next year, Leviste said the company will disclose details at “an appropriate time.”
Solar Philippines plans to venture into real estate development in the provinces to complement its power generation projects following the Department of Energy’s moratorium on the endorsement of new coal fired power plants.
Leviste said the company currently has a pipeline of solar projects with a total capacity of over 10 gigawatts (GW).
Solar Philippines has 5,000 hectares of available land consolidated in Luzon that may be used for the development of up to 5,000 megawatts (MW) of solar power projects.
Completed projects include the 2 MW solar-battery micro grid in Palauan, Occidental Mindoro, 1.5 MW rooftop power plant on SM North EDSA, 1.2 MW on Robinsons Place Palawan, 0.7 MW on Central Mall Biñan in Laguna and 0.6 MW on CityMall Roxas. -J. Macapagal