TUGBOAT operator Harbor Star Shipping Services Inc. on Thursday said its board of directors has approved to purchase, through its wholly owned subsidiary, Harbor Star Energy Corp., a majority stake in a group of firms that plans to operate a solar-power plant.
The company said its unit will purchase some 60 percent of shareholdings in Astronergy Development Gensan Inc., Astronergy Development F1 Inc. and Astronergy F2 Inc., collectively called as ADI companies.
Harbor Star Energy is engaged in the business of generating, distributing, and storing electric power derived from solar energy and other renewable-energy sources and fuels.
The ADI companies, meanwhile, have a long-term land lease from the Department of Environment and Natural Resources. These firms own entitlements, licenses and permits to operate a 25-megawatt (MW) solar-power plant in General Santos City.
The group of ADI firms has secured approval from the Energy Regulatory Commission for its 25-year power purchase agreement with the local electric distribution utility, South Cotobato 2 Electric Cooperative Inc. or Socoteco-2.
The construction of the initial 25-MW— expandable to 75 MW—solar-power plant will be completed by the second quarter of 2018, according to Harbor Star.
Under the agreement, Socoteco-2 will purchase all of the energy output from the solar-power plant.