Fort Pilar Energy Inc., a company owned by the family of Rep. Mikee Romero, has acquired Alterpower Digos Solar, Inc. (“ADSI”) for P1.5 billion B from the joint venture of Hanwa Global Asset Corporation and Alterpower Specialist, Inc.
ADSI owns and operates Digos Solar Power Plant, in operation since March 2016, which has a current capacity of 28.59 megawatts. The plant has been operating since March 2016.
In a statement, Fort Pilar Energ chairwoman Sheila B. Romero said: “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.”
Shiela said this investment in a solar power plant in Mindanao reflected her firm’s conviction “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 Digos. The company is allocating P500 Million to finance the expansion of the power plant.
Digos Solar Power Plant’s location is considered a prime area for solar irradiation. The power plant produces approximate irradiation of 1,872.4 kilowatts per hour 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 currently building a battery energy storage system in Zamboanga city. The battery site is set to be commissioned in February 2022.