MANILA, Philippines - The energy arm of conglomerate Ayala Corp. is investing in a solar power plant with up to 40 megawatts in capacity in Negros Oriental, marking its entry into solar development.
The conglomerate disclosed yesterday its wholly-owned unit AC Energy Holdings Inc. signed Tuesday a subscription and shareholders’ agreement with Bronzeoak Clean Energy Inc. to develop, construct and operate a solar power farm in Bais City, Negros Oriental.
A special purpose vehicle Monte Solar Energy Inc. has been formed to undertake the project.
The first phase of the project will have a capacity of 18 MW with a total project cost of P1.3 billion. It is targeted for completion by March 2016.
The second phase, on the other hand, involves the expansion of the initial 18 MW solar power plant to up to 40MW.
Ayala unit invests in Negros solar plant | Business, News, The Philippine Star | philstar.com
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