Corporate News

AC Energy boosts renewable energy holdings

Posted on March 18, 2017

AC Energy Holdings, Inc. signed a deal to buy the renewable energy operations of Bronzeoak Clean Energy Inc. (BCE) and San Carlos Clean Energy (SCCE) to ramp up its energy portfolio.

In a regulatory filing on Friday, the Ayala-led company said that the “acquisition provides AC Energy with a renewable energy development, management and operations platform that has a track record of successful project development.”

The acquisition will provide operations and management support services to several renewable energy generation companies namely 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.

BCE is locally known as the leading developer of renewable energy projects.

The deal provides AC Energy with a strong development and operations organization in order to accelerate its renewable energy expansion and keep it on track to hitting its target to expand its portfolio of renewable energy to 1,000 megawatts by 2020.

““We are excited about this acquisition, as it strengthens AC Energy’s development capabilities. I believe that AC Energy can scale up its renewable energy portfolio to 1,000MW by 2020,” Eric T. Francia, AC Energy’s president and CEO, was quoted as saying in the statement.

With the acquisition, SCCE and BCE have been renamed AC Energy DevCo, Inc. and Visayas Renewables Corp., respectively.

AC Energy is a wholly-owned subsidiary of conglomerate Ayala Corp. It aims to build a portfolio of power generation assets of 2,000 MW in both renewable and conventional energy sources in three year’s time.

On Friday, trading of Ayala shares climbed 0.36% to P830.00 apiece from the prior trading day. -- Janina C. Lim