Meralco unit acquires 70% of solar firm

Published April 10, 2020, 10:00 PM By Myrna M. Velasco
https://business.mb.com.ph/2020/04/10/meralco-unit-acquires-70-of-solar-firm/

Meralco PowerGen Corporation, a subsidiary of Manila Electric Company (Meralco), has acquired majority stake of 70-percent in NorteSol III Inc., a Filipino-led firm that is developing a floating solar facility at Laguna Lake.

In its filing with regulatory agencies, parent firm Meralco indicated that the acquisition was already sealed recently. Nortesol is a subsidiary of local firm SunAsia Energy which is chaired by businessman Noel Cariño.

Seller-firm NorteSol initiated the installation of a floating solar facility at the Laguna Lake in a tie-up with French firm Ciel & Terre, which is a company with specialization in floating photolvoltaic (PV) applications.

“MGen acquired 70% of NorteSol III, a company incorporated in the Philippines and engaged in the development, construction and operation of power plant and related facilities using renewable energy system and hybrid energy system,” a Meralco document has stipulated.

Nortesol had been developing a 110-megawatt dc/90MWac floating facility in Laguna de Bay; and was just waiting for the leasing policy that shall be enforced by the Laguna Lake Development Authority (LLDA) before it advances to the installation in the venture.