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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

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