According to a regulatory filing on Wednesday, AYALA-LED AC Energy Corp. has invested P4.5 billion in its subsidiary Santa Cruz Solar Energy, Inc., which runs a 60-megawatt (MW) solar farm in Zambales.
AC Energy announced that the investment has just been approved by its board of directors.
Three months earlier, the corporation announced that it had given Santa Cruz Solar permission to share its credit facilities in order for the latter to engage in power supply biddings.
The firm’s management also authorized the issuance of a notice to continue with the creation of a solar power project’s connectivity, utilities, and grid link facilities in San Marcelino, Zambales.
AC Energy announced the approval of a power supply arrangement between the company and DirectPower Services, Inc., as well as the execution of an alternative to a lease agreement — and finally a lease agreement — with Tabangao Realty, Inc. for properties in Brgy. Malaya in Pililla, Rizal, and Brgy. Libjo in Batangas City.