8 September 2015 – AC Energy entered into partnership with Bronzeoak Clean Energy to develop a solar power plant in Bais City, Negros Oriental. The Project will be owned and operated by Monte Solar Energy Inc. (MonteSol), a special purpose vehicle company, and shall be undertaken in two phases. The first phase is for an 18 MW solar power plant with a total project cost of P1.3B and is targeted for completion by March 2016. T…he second phase is for the expansion of the initial 18MW solar power plant to up to 40MW.
Bronzeoak was the developer and is managing shareholder of the 45MW San Carlos Solar Energy (SacaSol) project, the country’s first and largest solar farm, inaugurated by President Benigno S. Aquino III in May of 2014. Sacasol was the first ever renewable energy project that was awarded feed-in-tariff (FiT) under the Philippine FiT System.
AC Energy President & CEO, John Eric Francia said, “We are excited to pursue this opportunity and expand our renewable energy assets in line with our broader objective to create a balanced energy portfolio. This project serves as a good entry platform for our investment in solar power, particularly as technology costs have dramatically improved over the past few years. Bronzeoak President, Jose Maria P. Zabaleta, said “Montesol is part of Bronzeoak’s development portfolio of 202MW of solar projects now in operation or under construction, and we couldn’t be any more excited to be welcoming a partner like AC Energy into Montesol and into the solar power sector.”
“Renewable energy brings reliable and clean power to the countryside to accelerte our nation’s sustainable development,” added Montesol President Xavier P. Zabaleta,” and the investment of AC Energy will only accelerate the ongoing rapid development of Negros. Investments like these have been made possible by the strong leadership and project support of the provincial governors of Negros and the local governments of Bais, San Carlos, La Carlota and Manapla.”