Fort Pilar Energy Inc., a company owned by the family of Rep. Mikee Romero, acquired Alterpower Digos Solar Inc. which owns a 28.59-megawatt solar plant in Davao del Sur for P1.5 billion.
Fort Pilar acquired the solar plant from the joint venture of Hanwha Global Asset Corp. and Alterpower Specialist Inc. The solar plant has been operating since March 2016.
“Our acquisition of ADSI signals our company’s pivot to the power industry. While we remain committed to our legacy businesses in infrastructure and transportation, we believe that our company’s shift to the energy industry is a logical transition given our track record in building successful enterprises in challenging industries,” Fort Pilar chairperson Sheila Romero said in a statement.
Fort Pilar plans to increase plant capacity to 40 MW to reach its full capacity under its solar service contract and is allocating P500 million to finance the expansion.
“Our investment in a solar power plant in Mindanao reflects our firm belief that the growth of the Philippines lies in the development of our rural areas,” Romero said.
Expansion plans include the upgrade of its electrical systems, acquiring more powerful photovoltaic cells and increasing its footprint in the Digos area.
The company said the location of the Digos Solar Power Plant is a prime area for solar irradiation. The power plant produces irradiation of 1,872.4 kilowatt-hours per square meter.
It harnesses UV rays from the sun through 92,232 polycrystalline PV Modules. The plant produces up to 43 million kwh annually.
Fort Pilar is also building a battery energy storage system in Zamboanga city. The battery site is set to be commissioned by February 2022.