AbaCore unit, PNOC eye wind project in Batangas – BusinessWorld Online
SIMLONG Energy Development Corp. (SEDC), a subsidiary of listed AbaCore Capital Holdings, Inc., has signed a deal with state-run Philippine National Oil Co. (PNOC) to study the feasibility of an onshore wind farm in Batangas as part of efforts to expand renewable energy.
In a statement on Tuesday, SEDC said it signed a memorandum of agreement (MoA) with PNOC to conduct a 15-month wind resource study over a 142-hectare property at AbaCore’s ABA Energy site in Batangas.
The study will determine the viability and potential capacity of the planned wind energy facility.
“There is understandable excitement about potential scale, but final capacity will follow the science. That is the discipline embodied in this MoA: measure first, then build,” SEDC Chairman Antonio Victoriano F. Gregorio III said.
SEDC and PNOC will also work together on securing certifications and service contracts for the designated area of interest.
Should the study confirm feasibility, the companies will form a special purpose vehicle to develop and operate the project.
Established in 2013, SEDC’s mandate includes the construction and operation of power plants, natural gas terminals, and energy-related infrastructure.
AbaCore acquired a 90% stake in the company in 2021 through a subscription of 900 million shares.
The company is engaged in gaming equipment leasing, mining, real estate, and financial services.
Its shares declined by 1.79% or one centavo to close at P0.55 each on Tuesday. — Sheldeen Joy Talavera