By
Lenie Lectura - December 20, 2019
AC
Energy Philippines Inc. (ACEPH) signed a deal with Ingrid Power Holdings Inc.,
formerly AC Energy DevCo. Inc., for the subscription of common and preferred
shares valued at P570 million.
“[ACEPH] signed today a
subscription agreement with [Ingrid] for the subscription of 50,000 common
shares and 5,651,000 redeemable preferred shares [RPS] in Ingrid at the
subscription price of P4,900,000.00 for the common shares and P565,100,000 for
the RPS,” ACEPH, formerly Phinma Energy Corp., said Thursday.
ACEPH has fully paid-in
the common shares and paid 25 percent of the subscription of the RPS.
“Issuance of the shares
is subject to the necessary regulatory approvals for increase of Ingrid’s
authorized capital stock and creation of new shares,” added ACEPH.
Ingrid is developing a
300-megawatt diesel power plant in Pililla, Rizal. Construction of the first
150 MW will commence in the first quarter of 2020.
The project is aimed at
addressing the peaking and reserve requirement of the Luzon grid.
The company secured an
approval to conduct a grid impact study for the project. A clearance for the
conduct of a grid impact study is necessary before a power firm can proceed
with the construction of its power project.
AC Energy President
Eric Francia had said it makes sense to put up a diesel plant to cater to
ancillary services to augment renewable-energy (RE) technologies.
He explained that
diesel-run power plants are used to provide ancillary services, such as backup
power, load following, system frequency and voltage regulation. They are like
standby power plants if say, a wind power facility does not provide too much
wind or if it rains in an area where a solar power farm is located.
“We believe the country
will need more peaking and reserve ancillary capacity especially in world where
you need RE. This is in line of thinking if RPS [Renewable Portfolio Standards]
succeeds then you need ancillary for that,” Francia said.
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