Saturday, September 18, 2021

Romero power company invests P1.5B for acquisition of 40MW solar power plant in Digos

(Contributed photo)

FORT Pilar Energy Inc., a company owned by the family of Rep. Mikee Romero, recently acquired Alterpower Digos Solar, Inc. (“ADSI”) for the sum of P1.5B from the joint venture of Hanwa Global Asset Corporation and Alterpower Specialist, Inc.

ADSI owns and operates the Digos Solar Power Plant which has a current capacity of 28.59 MW. The plant has been operating since March 2016.

In a statement released after the acquisition, Chairperson Sheila B. Romero explained that “our acquisition of ADSI signals our company’s pivot to the power industry.

While we remain committed to our legacy businesses in infrastructure and transportation, we believe that our company’s shift to the energy industry is a logical transition given our track record in building successful enterprises in challenging industries.”

Chairperson Romero added that “our investment in a solar power plant in Mindanao reflects our firm belief that the growth of the Philippines lies in the development of our rural areas”.

Fort Pilar plans to expand the plant to 40MW to reach its full capacity under its solar service contract.

Expansion plans include the upgrade of its electrical systems, acquiring more powerful PV cells and increasing its footprint in the Digos area.

The company is allocating Php500 Million to finance the expansion of the power plant.

The location of the Digos Solar Power Plant is considered a prime area for solar irradiation. The power plant produces approximate irradiation of 1,872.4 kwh per square meter. The power plant harnesses UV rays from the sun through 92,232 Polycrystalline PV Modules. The plant currently produces up to 43 Million kwh annually.

Fort Pilar Energy Inc. is also currently building a battery energy storage system in Zamboanga city. The battery site is set to be commissioned in February 2022. (PR)


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