AC Energy Corporation (ACEN) and Citicore Solar Energy Corporation agree to build a 50-MW PV Solar Power Plant in Pampanga.
In various disclosures in the Philippines Stock Exchange, ACEN revealed that its wholly-owned subsidiary, ACE Endevor, Inc., signed a shareholders agreement with Citicore and Greencore Power Solutions 3, Inc. Greencore is the special-purpose vehicle for the solar plant project.
As per the pact, Citicore will have 50% of the shares in Greencore, while ACEN and Endevor will hold 45% and 5% interest, respectively.
In a related accord signed February 4, 2021, ACEN agreed to extend a Php2.675-billion term-loan facility to Greencore for the latter to finance the solar farm--from the design to its operation and maintenance. The plant is expected to be operational in November 2021.
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