by Jamil Santos, Correspondent | World Executives Digest |
Ayala Corp’s energy arm AC Energy Holdings has taken over solar energy firm Bronzeoak Clean Energy and San Carlos Clean Energy to scale up its renewable energy portfolio.
The two firms are expected to provide the arm a renewables development, management and operations platform that has a track record of successful project development. They are currently delivering operations and management support services to several renewable energy producers, including 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.
In an Inquirer report, Eric Francia, AC Energy’s president and chief executive officer, said the acquisition is expected to build AC Energy’s renewable capacity to 1,000 megawatts by 2020.
“We are excited about this acquisition, as it strengthens AC Energy’s development capabilities. Bronzeoak is a leading developer of renewable energy projects, and there is so much complementarity between our groups,” he added.
The Ayala-led company aims to expand its entire portfolio of conventional and renewable energy assets to 2,000 MW by 2020. With the acquisition, San Carlos Clean Energy and Bronzeoak have been renamed as AC Energy DevCo Inc. and Visayas Renewables Corp., respectively.
AC Energy has recently acquired the geothermal assets of Chevron in Indonesia and the Philippines. It now has seven thermal, wind, and solar assets five years since it entered the market in 2011.