Conglomerate Ayala Corp. has scaled up its renewable energy portfolio with the acquisition of 100 percent of solar energy firm Bronzeoak Clean Energy and San Carlos Clean Energy.
The acquisition is seen to provide the group’s energy development arm AC Energy with a renewable energy development, management and operations platform with 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.
“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 1,000 megawatts by 2020”, Eric Francia, AC Energy’s president and chief executive officer, said in a press statement on Friday.
AC Energy’s goal is to grow its portfolio of conventional and renewable energy to 2,000 MW by 2020, doubling from the level in 2016.
With the acquisition, San Carlos Clean Energy and Bronzeoak have been renamed as AC Energy DevCo Inc. and Visayas Renewables Corp., respectively.