MANILA—Conglomerate Ayala Corp. has acquired two renewable energy firms in a bid to fast-track its renewable energy expansion to meet its 1,000-megawatt (MW) capacity target by 2020.
Ayala told the local bourse its subsidiary AC Energy Holdings, Inc. (AC Energy) signed definitive documents to acquire full ownership of Bronzeoak Clean Energy (BCE) and San Carlos Clean Energy (SCCE).
The acquisition provides AC Energy with a renewable energy development, management and operations platform that has a track record of successful project development.
The platform currently provides operations and management support services to a number of renewable energy generation companies that include San Carlos Solar Energy Inc., Negros Island Solar Energy Inc., Monte Solar Energy, Inc., San Carlos BioPower Inc., South Negros BioPower Inc., and North Negros BioPower Inc.
With the acquisition, SCCE and BCE have been renamed as AC Energy DevCo Inc. and Visayas Renewables Corp., respectively.
“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,” said Eric Francia, AC Energy’s president and chief executive officer.
Francia is optimistic that with such a strong platform, AC Energy can scale up its renewable energy portfolio to 1,000 MW by 2020.
AC Energy’s goal is to grow its portfolio of conventional and renewable energy to 2,000 MW by 2020.
The company is building a portfolio of power generation assets using renewable and conventional technologies.