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Marine service provider buys energy company

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DIVERSIFICATION

Marine service provider buys energy company

/ 05:20 AM October 20, 2017

Tugboat and marine service provider Harbor Star Shipping Services Inc. has diversified into the energy business with the acquisition of a controlling stake in a group of companies with interests in power generation and distribution in Mindanao.

Harbor Star obtained its board’s approval to buy—through wholly owned subsidiary Harbor Star Energy Corp. (HSEC)—60 percent of the shares of Astronergy Development Gensan Inc., Astronergy Development F1 Inc. and Astronergy F2 Inc., collectively called the ADI group of companies.

Following the amendment in its bylaws in August to include among its secondary purposes the business of power generation and operation of maritime schools and educational/training facilities, Harbor Star created HSEC for the business of generating, distributing and storing electric power from solar energy and other renewable energy sources and fuels.

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Based on Harbor Star’s disclosure to the Philippine Stock Exchange, the ADI group has a long-term land lease from the Department of Environment and Natural Resources, and owns entitlements, licenses and permits to operate a 25-megawatt (MW) solar power plant facility in General Santos City. The capacity of this solar facility can be expanded to 75MW.

ADGI also obtained the approval of the Energy Regulatory Commission for a 25-year power purchase agreement (PPA) with the local electric distribution utility, South Cotobato II Electric Cooperative Inc. (Socoteco-II).

The construction of the first 25-MW solar power plant will be completed by the second quarter of 2018. Under the PPA, Socoteco-II will purchase all of the energy output from thisplant.—DORIS DUMLAO-ABADILLA

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TAGS: energy business, Harbor Star Shipping Services Inc., power generation and distribution
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