Connect with us

Hi, what are you looking for?

Economy

AC Energy, Citicore unit to develop 50-MW Pampanga solar farm

Ayala-led AC Energy Corp. and its unit ACE Endevor, Inc. inked a shareholders agreement with a subsidiary of Citicore Power, Inc. to build a 50-megawatt photovoltaic solar power in Arayat and Mexico, Pampanga.

In a regulatory filing on Friday, AC Energy said that the solar facility is scheduled to go online in November 2021.

Under the agreement, Citicore Solar Energy Corp. will have 50% of the shares in the solar project’s special purpose vehicle Greencore Power Solutions 3, Inc. AC Energy and ACE Endevor will hold 45% and 5%, respectively.

The joint venture supports AC Energy’s goal to be the growth platform of the Ayalas’ energy group, the firm said. With the solar facility, AC Energy would have the chance to earn “stable dividend income” from the project.

The greenfield stand-alone solar farm, it said, is seen to “provide daytime power to the Luzon grid.”

Based on the agreement, the Citicore unit will provide engineering, procurement and construction services through its affiliate entities, including Megawide Construction Corp. or any of its subsidiaries.

Its parent firm Citicore or its units will be responsible for project development, and operations and maintenance.

In a separate disclosure Friday, AC Energy said that it would be extending a loan of up to P2.675 billion to Greencore to finance the design, engineering, construction, procurement and supply, operation and maintenance of the 50-MW solar facility.

“The loan will be secured by a real estate mortgage over the Borrower’s (Greencore’s) real assets in favor of the Company (AC Energy); a mortgage and pledge over the shareholding of the shareholders of the borrower, and the cash flows of the project,” AC Energy said.

In another filing on Friday, it said that it had subscribed to the common shares of Greencore for P2.25 million. The shares, at 2.25 million, will be issued out of Greencore’s unissued capital stock.

“The subscription will be used by Greencore to partially fund the development and construction of (the) solar plant,” AC Energy said.

In December, AC Energy approved nearly P10.81 billion in funding for a solar project and a wind farm. In a previous disclosure, the company said that its board of directors had approved the financing of a solar project in Arayat and Mexico, Pampanga through a secured loan. The funding, which amounted to P3.33 billion, was said to cover the full project cost.

On Friday, shares in AC Energy in the local bourse inched up 0.14% or 0.01 centavos to finish at P7.22 apiece. — Angelica Y. Yang

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Get the daily email that makes reading the news actually enjoyable. Stay informed and entertained, for free.
Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!

Latest

Economy

Pag-IBIG Fund has financed 5,411 socialized homes for minimum-wage and low-income members in the first four months of 2022, its top executives said today....

Economy

SRI LANKA’s impending default on $12.6 billion of overseas bonds is flashing a warning sign to investors in other developing nations that surging inflation...

Economy

A WOMAN observes a period calendar tracker app on her mobile phone at her home in Madrid, Spain, May 16. — REUTERS MADRID —...

Economy

WASHINGTON — The US Justice Department on Tuesday sued Steve Wynn, the former CEO of Wynn Resorts, to compel him to register as an...

Economy

WASHINGTON/SEOUL — Despite battling a wave of suspected coronavirus disease 2019 (COVID-19) infections, North Korea appears to be preparing to test an intercontinental ballistic...

Economy

IN MANY PARTS of the world, inflation is climbing quickly, including in the US, where I live and where inflation is now north of...

You May Also Like

Investing

Having a good Instagram marketing agency to back up your Instagram account is an absolute must going into the new year. With competition stronger...

Economy

Ivermectin, an existing drug against parasites including head lice, has had a checkered history when it comes to treating COVID-19. The bulk of studies...

Investing

Insomnia is the most common sleep disorder in the global population. Therefore, it is a problem that many people suffer or have suffered throughout...

Investing

As a traditionally rigid insurance industry becomes bogged down by antiquated processes and operations, a handful of industry leaders are seeking to shake things...

Disclaimer: SmartRetirementReport.com, its managers, its employees, and assigns (collectively "The Company") do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

Copyright © 2021 SmartRetirementReport. All Rights Reserved.