The Ayala Corporation’s wholly-owned subsidiary has acquired full ownership of Bronzeoak Clean Energy (BCE), which engages in principal investment business, and San Carlos Clean Energy (SCCE), which operates electric power generation facilities. The two firms’ operations were combined for the purpose of the sale.
The acquisition provides AC Energy with a renewable energy development, management and operations platform that has a track record of successful project development, and allows the company to accelerate its renewable energy expansion and advance towards its target of 1,000 MW of renewable energy capacity by 2020.
BCE completed the first utility scale solar farm in the Philippines, after which it has added a further six solar farms, cumulatively boasting a capacity of over 200 MW of grid-connected PV.
SCCE owns the solar projects San Carlos Solar Energy Inc. (Sacasol), Negros Island Solar Energy Inc. (Islasol) and Monte Solar Energy Inc. (Montesol), whose combined capacity amounts to 145 MW. With this acquisition, SCCE and BCE have been renamed as AC Energy DevCo Inc. and Visayas Renewables Corp., respectively
The platform currently provides operations and management support services to a number of renewable energy generation companies that include San Carlos Solar Energy Inc., Negros Island Solar Energy Inc., Monte Solar Energy, Inc., San Carlos BioPower Inc., South Negros BioPower Inc., and North Negros BioPower Inc. With the acquisition, SCCE and BCE have been renamed as AC Energy DevCo Inc. and Visayas Renewables Corp., respectively, reads the release on Ayala’s website.
The Philippines has rapidly increasing electricity demand and high levels of solar irradiation: a combination compelling its government to embrace the potential of solar PV.