Five units of AC Energy Corp. (ACEN) have secured the green light of the energy department to proceed with the conduct of a grid impact study (GIS) for its solar, wind and battery energy storage system (BESS) projects.
Based on the list of generation companies issued with Department of Energy (DOE) Certificate of Endorsement to National Grid Corporation of the Philippines (NGCP) for clearance to undertake system impact study, a total of seven firms were issued permits last month.
The 5 units of AC Energy are Giga Ace 5 Inc., which plans to build a 175megawatt (MW) wind power project in Quezon; AC Laguna Solar Inc., which will put up a 250MWP floating solar in Rizal; AC Subic Solar Inc., for its planned 300MWP solar power project in Rizal; Giga Ace 4 Inc., for its 150MW BESS in Rizal; and Giga Ace 10 Inc. for its 40MW BESS in Bataan.
The other two firms are Real Wind Energy, Inc., which plans to build a 250MW wind project in Quezon, and Solar Power Utilities Generation Corp., which will put up a 49.8MWP solar project in Zambales.
The 7 power projects, if pursued, will add 1,214.8MW of additional capacity. Of which, 915MW would be put up by AC Energy units.
Prior to construction, a power firm must secure the go-ahead of the DOE for it to conduct a GIS. This is necessary in determining if the electricity to be generated by the power project can be absorbed by the country’s transmission system.
Meanwhile, AC Energy is subscribing P415 million worth of shares of its subsidiary, Buendia Christiana Holdings Corp. (BCHC), to fund potential project sites.
In a disclosure to the stock exchange, AC Energy signed a subscription agreement with BCHC for the subscription of 75,000,000 Redeemable Preferred A Shares with a par value of P0.10 per share, and 4,075,000 Redeemable Preferred B Shares with a par value of P100.00 per share, to be issued out of the increase in authorized capital stock of BCHC.
BCHC is a special purpose vehicle, which will own land for Ac Energy’s development projects.
The agreement is subject to regulatory approval on the increase in capital stock and full payment of the subscription price.
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