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 since March 2016.
“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 Sheila B. Romero said.
Part of the planning strategy of Fort Pilar is to expand the plant to 40MW to reach its full capacity under its solar service contract. These 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.
“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,” Chairperson Romero added.
The location of the Digos Solar Power Plant is considered a prime area for solar irradiation. The power plant produces an approximate irradiation of 1,872.4 kwh per square meter. It harnesses UV rays from the sun through 92,232 Polycrystalline PV Modules. With such power, it has been producing up to 43 Million kwh annually.
Aside from this, Fort Pilar Energy Inc. is also currently building a battery energy storage system in Zamboanga city and is set to be commissioned on February 2022.