The executive committee of AC Energy Corp., the energy unit of Ayala Corp., said Thursday it approved the joint venture with ib vogt Singapore Pte Ltd. to develop solar projects in the Philippines, with an initial target of 300 megawatts of capacity.
AC Energy said in a disclosure to the stock exchange the executive committee approved the transaction during a video conference on Aug. 25. It did not provide additional details.
The Singapore company is an affiliate of ib vogt GmbH, a German company focused on developing and delivering high-quality large-scale turnkey photovoltaic plants worldwide.
The executive committee also approved the capital expenditure budget for AC Energy’s proposed 288-MW solar project in Buguey and Lal-lo, Cagayan, and a capex budget for the proposed 275-MW expansion of its Gigasol Palauig solar project in Zambales.
AC Energy on April 27 said the 63-MW Gigasol Palauig solar farm started operations.
AC Energy announced this week it would sell its power barge assets to SPC Power Corp. and Prime Strategic Holdings Inc.
The company will sell Power Barge 101 to Prime Strategic or its designated affiliate or subsidiary, and Power Barges 102 and 103 to SPC Power or its designated affiliate or subsidiary.
Power Barge 101 is an operating power plant while Power Barges 102 and 103 are non-operating units.
“The sale of the power barges is expected to be completed in the fourth quarter of 2021, subject to satisfaction of agreed conditions precedent, including obtaining the applicable regulatory approvals,” AC Energy said earlier.
AC Energy is the listed energy platform of the Ayala Group. It aims to be the largest listed renewables platform in Southeast Asia, with a goal of reaching 5,000 MW of renewables capacity by 2025.