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Pure Energy says subsidiary buys majority interest in solar farm owner

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PURE ENERGY Holdings Corp. has diversified its renewable energy capacity as its subsidiary acquired a majority stake in a company that owns three solar farms in Central Luzon.

“This acquisition complements our existing renewable energy portfolio of hydropower plants and geothermal assets. We are optimistic because these power plants have huge economic potential in Central Luzon, and plans are under way to expand their respective capacities,” said Dexter Y. Tiu, chief executive officer of Pure Energy, in a statement.

Pure Energy said its unit Just Solar Corp. had acquired “initially” a 60% ownership stake in Solar Powered Agri-Rural Communities Corp. (SPARC), which owns solar farms in Palauig, Zambales; Morong, Bataan; and San Rafael, Bulacan.

The three solar energy projects have been approved last year for commercial operation by the Department of Energy, allowing them to provide electricity in their respective areas.

Pure Energy said the acquisition of the solar farms, which have a total capacity of 13.86 megawatts (MW), provides a platform for the company to diversify into solar energy while expanding its portfolio through the acquired company.

The Palauig solar farm in Barangay Salaza has a capacity of at least 5 MW, which it supplies to Zambales Electric Cooperative. The plant in Barangay Sabang in Morong, which also has over 5 MW capacity, serves the Peninsula Electric Cooperative. The San Rafael plant in Barangay Pasong Intsik has a 3.82 MW capacity and serves Manila Electric Co.

The holding firm’s other renewable energy subsidiaries include, Repower Energy Development Corp., which has a portfolio of operating run-of-river hydropower plants, and Pure Geothermal, Inc., which holds geothermal assets. — Victor V. Saulon