Ayala-led AC Energy Corp., with its ACE Endevor, Inc., company, has entered into a joint shareholder agreement in Arayat and Mexico City, Pampanga with a subsidiary of Citicore Control, Inc..
AC Energy said that the solar device would be operational in November 2021 in a regulatory filing on Freitag.
Under this deal, 50% of the shares in the special purpose vehicle Greencore Power Solutions 3, Inc will be owned by Citicore Solar Energy Corp. AC Energy and ACE Endevor are projected to retain 45% and 5% respectively.
The joint venture supports AC Energy’s target to be the Ayalas energy group’s growth vehicle, says the corporation. AC Energy will be able to receive “secure dividend money” from the project with the solar installation.
He says that the greenfield solar farm alone “provides the Luzon grid with day-to-day power.”
The Citicore unit would, on the basis of this arrangement, represent its associates, namely megawide development corp. or all of its subsidiaries as enginery, procurement and construction services.
Its Citicore parent company or units would be responsible for the production, operations and maintenance of the project.
AC Energy reported in a separate release Friday that the Greencore loan to fund the growth, design, procurement and supply of the 50-MW solar plant will reach up to $26.75 billion. The project would be funded by the Greencore bond.
“The loan would be protected by real estate mortgages on the real real properties of Borrower (Greencore) in favour of the Corporation (AC Energy); a hypothesis and determination of shareholding and cash flows of the business of the owners of the borrower.”
In another article on Friday she said that she had subscribed for P2.25 million to the popular shares of Greencore. The securities would be distributed from the unissued capital stock of Greencore at 2,25 million.
“Greencore would use the subscription in part to support the creation and installation of (the) solar power plants,” said AC Energy.
AC Energy accepted almost P10.81 billion in December for financing a solar and a wind farm. In an earlier statement, the Company said its Board of Directors in Arayat and Mexico, Pampanga, approved funding for a solar project via a secured loan. The overall expense of the project was reportedly protected by funds amounting to P3,33 billion.