By JORDEENE
SHEEX LAGARE on
A unit of Pure Energy
Holdings Corp. has acquired a majority stake in three solar farms in Central
Luzon, enabling the company to diversify into solar energy and ramp up its
portfolio.
Pure Energy said on
Monday that its subsidiary, Just Solar Corp., signed a share purchase agreement
with Solar Powered Agri-Rural Communities Corp. (SPARC) for the acquisition of
initially 60 percent ownership in three solar plants in Luzon.
The three solar farms
are the Palauig solar farm in Zambales, the Morong solar farm in Bataan, and
the San Rafael solar farm in Bulacan.
Both the Palauig solar
farm in Barangay Salaza and the Morong solar farm in Barangay Sabang have a
generation capacity of more than 5 megawatts each, while the San Rafael solar
farm in Barangay Pasong Inchik has a 3.82-MW capacity.
The three solar plants
were approved for commercialization by the Department of Energy (DoE) to
provide electricity in their respective areas.
Zambales Electric
Cooperative (ZAMECO), Peninsula Electric Cooperative (PENELCO), and Manila
Electric Co. (Meralco) manage the distribution utilities of each facility.
“This acquisition
complements our existing renewable energy portfolio of hydropower plants and
geothermal assets. We are optimistic because these power plants have huge economic
potential in Central Luzon, and plans are under way to expand their respective
capacities,” Pure Energy Chief Executive Officer Dexter Tiu said.
Pure Energy is an
investment holding company whose purpose is to strategically acquire assets,
develop natural resources that are sustainable, and be a basic service provider
for the needs of the community.
In May last year, Pure
Meridian Hydropower Corp. (PMHC), a joint venture of Meralco with PEHC
subsidiary Repower Energy Development Corp. (REDC), inaugurated its 3-MW run-of-river
mini hydropower plant in Lalawinan, Quezon Province.
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