By Danessa Rivera (The
Philippine Star) | Updated January 4, 2017 - 12:00am
MANILA, Philippines – Ayala-owned AC
Energy Holdings Inc. is setting aside plans to develop hydropower projects to
focus on other renewable energy (RE) developments in more advanced stages after
it sold all its interests in three hydropower companies.
AC Energy signed definitive
documents to sell its controlling stake in three hydro companies to Sta. Clara
Group Inc., its parent firm Ayala Corp. disclosed to the Philippine Stock
Exchange yesterday.
It divested its majority interests
in QuadRiver Energy Corp., Philnew Hydro Power Corp. and PhilnewRiver Corp.,
which are grantees of several hydropower service contracts from the Department
of Energy.
Prior to the sale, AC Energy held 70
percent of the outstanding capital stock of each of the hydro companies while
the remaining 30 percent were owned by Sta. Clara Power Corp.
The divestment will allow AC Energy
to focus on other renewable energy developments such as solar and wind, the
company said.
“AC Energy will first focus on solar
and wind development, and could potentially revisit hydro in the future,” AC
Energy president and CEO John Eric Francia said in a text message.
Currently, the company has three RE
projects: the 52-megawatt (MW) Northwind Power Development Corp. in Bangui,
Ilocos Norte; the 81-MW wind farm in Pagudpud, Ilocos Norte through its
affiliate North Luzon Renewable Energy Corp. (NLREC) and the 18-MW solar plant
in Negros Oriental, a joint undertaking with Bronzeoak Clean Energy Inc.
In October last year, Francia bared
the company’s first venture in Indonesia – a wind project with less than 100 MW
in capacity to break ground in “the next few months.”
In April 2011, AC Energy – then
Michigan Power Inc. – forged a joint venture with Sta. Clara Power to
co-develop hydroelectric power projects across the country. Both formed
development companies Quad- River, Philnew Hydro Power Corp., Philnew River
Hydro Corp. and Matic Hydro Corp.
Sta. Clara Power is majority owned
by Sta. Clara International, a leading engineering and main contracting groups
with local and overseas projects.
Initially, the Ayala Group shelled
out P600 million to develop run-of-river hydroelectric power projects.
In February 2012, QuadRiver broke
ground for the 5.2-MW mini-hydro project along the Cantakoy River at Brgy.
Cabatuan in Danao, Bohol.
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