AC Energy, a subsidiary of Philippines conglomerate Ayala, has acquired renewable energy developer Bronzeoak Philippines for an undisclosed price.
The acquisition includes Bronzeoak’s two operating companies – Bronzeoak Clean Energy (BCE) and San Carlos Clean Energy (SCCE).
Bronzeoak’s takeover is said to give AC Energy with a robust development and operations platform that is expected to help in speeding up of the expansion of its renewable energy portfolio to 1GW by 2020.
AC Energy president and CEO Eric T. Francia said: “We are excited about this acquisition, as it strengthens AC Energy’s development capabilities.
"Bronzeoak is a leading developer of renewable energy projects, and there is so much complementarity between our groups. With this strong platform, I believe that AC Energy can scale up its renewable energy portfolio to 1,000MW by 2020.”
The BCE and SCCE platforms are presently offering support services in operations and management of various renewable energy producing firms including Negros Island Solar Energy, San Carlos Solar Energy, Monte Solar Energy, South Negros BioPower, North Negros BioPower, and San Carlos BioPower.
SCCE owns three solar farms with a combined capacity of 142MW, as reported by Philstar. On the other hand, BCE is constructing biomass projects in the country with a total capacity of 80MW.
Following the acquisition, BCE and SCCE have been renamed as Visayas Renewables and AC Energy DevCo respectively.
Last month, AC Energy raised its stake in NorthWind Power Development to 67.79%. For this, it acquired an additional stake of 17.79% in the owner and operator of the 52MW Bangui wind project which is regarded as the first commercial wind farm in Philippines.
Image: San Carlos Solar Energy plant owned by Sacasol. Photo: courtesy of Ayala Energy and Infrastructure Group.