(The Philippine Star) | Updated March 18, 2017 - 12:00am
MANILA, Philippines - AC Energy Holdings Inc. has taken over Bronzeoak Philippines Inc. to accelerate the ramp-up of its renewable energy portfolio to 1,000 megawatts (MW) by 2020.
Ayala Corp. disclosed yesterday its subsidiary AC Energy signed definitive documents to acquire 100 percent ownership of Bronzeoak Clean Energy (BCE) and San Carlos Clean Energy (SCCE), the two operating companies of Bronzeoak Philippines.
The acquisition provides AC Energy with a renewable energy development, management and operations platform that has a track record of successful project development.
“AC Energy acquired the operations and development platform, as well as Bronzeoak’s economic interests in three solar project companies,” AC Energy president and CEO John Eric Francia said in a text message.
It also allows the company the platform to accelerate its renewable energy expansion.
“We are excited about this acquisition, as it strengthens AC Energy’s development capabilities. Bronzeoak is a leading developer of renewable energy projects, and there is so much complementarity between our groups. With this strong platform, I believe that AC Energy can scale up its renewable energy portfolio to 1,000 MW by 2020,” Francia said in a statement.
SCCE owns the solar projects San Carlos Solar Energy Inc. (Sacasol), Negros Island Solar Energy Inc. (Islasol) and Monte Solar Energy Inc. (Montesol) while the biomass plant developments—San Carlos BioPower Inc., South Negros BioPower Inc. and North Negros BioPower Inc.—are under BCE.
SCCE’s three solar farms have a combined capacity of 142 megawatts (MW) while BCE is currently constructing a total of 80 MW of biomass projects.
With the acquisition, SCCE and BCE have been renamed as AC Energy DevCo Inc. and Visayas Renewables Corp., respectively.
The entire teams of both firms will be folded into AC Energy, Bronzeoak director Don Mario Dia said in a phone interview.
“We now have Ayala backing us…providing substantial funding and then we have the management,” he said.
AC Energy has set a goal to grow its portfolio of conventional and renewable energy to 2,000 MW by 2020.
Last year, it said it is doubling its commitment in the power sector to nearly P80 billion through expansion of existing assets, acquisitions or partnerships, and greenfield projects here and abroad to reach its target portfolio.