AYALA-LED AC Energy Philippines, Inc. said on Tuesday that its board of directors had approved the company’s investment in a 60-megawatt (MW) solar power plant project in Palauig, Zambales.

The solar power plant will be constructed through the company’s unit AC Energy Development, Inc., it told the stock exchange in an update of its earlier disclosure when AC Energy Philippines’ board approved the acquisition of a bigger stake in solar farms in the Visayas.

On Nov. 12, AC Energy Philippines said its board had ratified the company’s plan to acquire an investment fund’s stake in a wind farm in north Luzon and full ownership interest in two solar farms in Negros Occidental.

The company said its board of directors had also approved additional short-term credit lines of up to P8 billion, and the budget for 2020, which it did not disclose.

The regular board meeting, which was held on Nov. 11, ratified the executive committee’s approval to enter into a share purchase agreement with the Philippine Investment Alliance for Infrastructure (PINAI) fund for the acquisition of the latter’s ownership interest in Philippine Wind Holdings Corp., the parent company of North Luzon Renewables Energy Corp.

The board has also approved the purchase of up to 100% of PINAI fund’s ownership interest in San Carlos Solar Energy, Inc. (Sacasol), which owns and operates a 45-megawatt (MW) solar farm in San Carlos City, Negros Occidental. The solar farm is operating under the feed-in-tariff (FiT) regime.

Also approved was the acquisition of up to 100% of PINAI fund’s ownership interest in Negros Island Solar Power, Inc. (Islasol), which owns and operates an 80-MW solar farm in Negros Occidental.

AC Energy Philippines earlier reported a third-quarter net income attributable to equity holders of the parent firm of P203.38 million, reversing the P80.49-million loss in the same period last year. Revenues during the quarter reached P3.22 billion, down 8% from a year ago.

In the nine months to September, attributable losses reached P348.48 million, bigger than the P130-million losses a year ago.

On Tuesday, shares in AC Energy Philippines slipped 0.77% to P2.58 each. — Victor V. Saulon

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