AC Energy shortens corporate lifespan of PhilNewEnergy

MANILA, Philippines – AC Energy Holdings Inc., the power generation arm of conglomerate Ayala Corp., has decided to cut the corporate life of the project company for its supposed maiden solar power project after it was shelved.

In a disclosure yesterday, the company said it approved the shortening of the corporate term of PhilNewEnergy Inc. subject to required regulatory filings and approval.

PhilNewEnergy is AC Energy’s joint venture company with DGA PNE BV, a wholly-owned subsidiary of Mitsubishi Corp.

AC Energy said the joint venture firm was formed to construct, own and operate a 35-megawatt (MW) solar power farm in Darong, Sta. Cruz, Davao del Sur.

However, “stockholders have decided not to pursue the project, they have in turn approved the above corporate action,” the firm said.

Late last year, AC Energy announced it shelved the Davao del Sur project but remains active in pursuing other energy developments.

In fact, last September, the power firm partnered with Bronzeoak Clean Energy Inc. for the development of up to 40 MW solar farm in Bais City, Negros Oriental.

Bronzeoak Clean Energy is the investment arm of Bronzeoak Philippines Inc., the developer and managing shareholder of the 45-MW San Carlos Solar Energy project, the country’s first and largest solar farm inaugurated in May 2014.

By 2016, the conglomerate hopes to build 1,000 MW of attributable capacity in conventional and renewable energy technologies. As of July, the Ayala power unit had about 700 MW in its energy portfolio.