MANILA, Philippines - Chinese-Filipino businessman Lucio Co is looking to acquire more renewable energy projects as it hopes to make its presence felt in the power sector.
Co said the group is in the process of acquiring new energy assets including municipal waste to energy projects and expects to conclude negotiations soon.
Co, through Union Energy Corp., owns 66 percent of San Jose City I Power Corp., a renewable energy company that will build a P1-billion biomass plant in Nueva Ecija.
The plant, which can generate 9.9 megawatts of power, will be the first project of its kind and size that will use 100-percent rice husk in the whole country. It will also be the first biomass power project to be launched after the feed in-tariff rates were approved in July.
The project, slated for completion in 20 months, highlights the importance of rural biomass utilization to renewable energy supply sustainability and environmental management in the context of global cooperation.
Co will fold $1.828 billion worth of assets into Alcorn Gold Petroleum Corp., which will serve as his investment holding firm.
Among the businesses to be infused include Puregold Price Club Inc. (67.29 percent), Puregold Properties (100 percent), Premier Wine and Spirits (80 percent), Elllimac Prime Holdings (100 percent), Cosco Prime Holdings (100 percent),
Meritus Prime Distributions (100 percent), Pure Petroleum (100 percent) and Premier Wine and Spirits (80 percent).
The acquisition will be made through a share swap or subscription to the increase in the firm’s capitalization from P3 billion to P10 billion.