PCC clears Alterpower’s purchase of Enfinity shares
By Lenie Lectura – April 18, 2018
from Business Mirror
THE Philippine Competition Commission (PCC) has cleared the acquisition of Enfinity Philippines Renewable Resources Fourth Inc. shares by Alterpower Specialist Inc.
This effectively gives Alterpower the go-signal to own 65 percent of Enfinity’s outstanding capital stock.
In a ruling dated April 12, 2018, the PCC approved the acquisition as it “does not result in substantial lessening of competition in the relevant market, considering that post transaction, sufficient constraints remain from other market participants and does not result in increased likelihood of anticompetitive coordinated behavior.”
Enfinity owns and operates the 28.6-megawatt Digos solar-power plant in Digos City, Davao del Sur, which is directly connected to the Mindanao grid and is its sole operating asset.
The solar-power project is located in a 34-hectare land farm in Barangay San Roque, Digos City, Davao del Sur.
The solar project was completed in October 2016, with Sterling and Wilson of India as its international engineering, procurement and construction contractor and Meralco Industrial Engineering Services Corp. as its local contractor.
The solar project was enrolled under the government’s feed-in-tariff system, which allows electricity generated by the plant to be dispatched to the grid at a premium rate for 20 years.
The plant’s output is transmitted through a 69-kilovolt substation and overhead transmission line to the nearest substation of the National Grid Corp. of the Philippines.
Meanwhile, Alterpower Specialist is a Filipino firm headed by businessman Jose Silvestre Natividad.
Alterpower is a company incorporated and registered with the Securities and Exchange Commission with the purpose of constructing and maintaining solar-electric facilities. The company’s majority shareholder is Clean Renewable Energy Solutions Philippines, also known as CresPhil.
The renewable-energy law of 2008 resulted to the entry of billions of pesos of investments from thousands of megawatts of renewable-energy projects around the Philippines.
