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Press Releases

9

September 2015

Ayala to Invest in a Solar Power Plant in Negros Oriental

AC Energy Holdings, Inc., a wholly owned subsidiary of Ayala Corporation, signed on September 8, 2015 a Subscription and Shareholders’ Agreement with Bronzeoak Clean Energy Inc., the investment arm of Bronzeoak Philippines Inc., for the development, construction and operation of a solar power farm in Bais City, Negros Oriental. The project will be owned and operated by Monte Solar Energy Inc. (MonteSol), a special purpose vehicle company, and shall be undertaken in two phases. The first phase is for an 18 MW solar power plant with a total project cost of P1.3 billion and is targeted for completion by March 2016. The second phase is for the expansion of the initial 18 MW solar power plant to up to 40 MW.

Bronzeoak was the developer and is managing shareholder of the 45 MW San Carlos Solar Energy (SacaSol) project, the country’s first and largest solar farm, inaugurated by President Benigno S. Aquino III in May of 2014. Sacasol was the first ever renewable energy project that was awarded feed-in-tariff under the Philippine FiT System.

AC Energy President and CEO John Eric Francia said, “We are excited to pursue this opportunity and expand our renewable energy assets in line with our broader objective to create a balanced energy portfolio. This project serves as a good entry platform for our investment in solar power, particularly as technology costs have dramatically improved over the past few years.”

Bronzeoak President Jose Maria P. Zabaleta said, “Montesol is part of Bronzeoak’s development portfolio of 202 MW of solar projects now in operation or under construction, and we couldn’t be any more excited to be welcoming a partner like AC Energy into MonteSol and into the solar power sector.”

“Renewable energy brings reliable and clean power to the countryside to accelerate our nation’s sustainable development,” added Montesol President Xavier P. Zabaleta, “And the investment of AC Energy will only accelerate the ongoing rapid development of Negros. Investments like these have been made possible by the strong leadership and project support of the provincial governors of Negros and the local governments of Bais, San Carlos, La Carlota and Manapla.”