AC Energy Corp. of the Ayala Group may take an economic stake of up 80 percent in its joint venture with CleanTech Global Renewables Inc. to develop the 200-megawatt Lal-lo Solar Power Project in Lal-lo, Cagayan.
AC Energy president and chief executive Eric Francia declined to disclose the investment in the joint venture project.
“We’ll disclose that once we were issued the NTP [notice to proceed]. We’re still in negotiations with the EPC [engineering, procurement and construction], so we don’t have a firm capex [capital expenditures] yet, but its 200 MW,” Francia said during a virtual briefing.
He said AC Energy’s partnership structure is a combination of common and preferred shares. The company can only disclose its economic stake comprising of different classes of shares, said Francia.
“To simplify these things, we just say approximately 80-percent economic stake because that’s our usual structure among partners,” Francia said.
AC Energy approved early this week the joint venture with CleanTech, a local renewable energy developer that is building the solar project in Cagayan.
The Cagayan solar project site is deemed ideal for solar projects given the area’s high resource quality, flat landscape and potential for expansion because of the adjacent lots that can be acquired and developed.
Meanwhile, Francia said the company was still on the lookout for acquisition opportunities.
“We will continue to work. Our business development is very active. We have a lot of cash in balance sheet, ready to be deployed,” Francia said.
