Villar-led Prime Asset Ventures Inc. (PAVI) is catching up with industry rivals by accelerating the development of at least four large-scale solar energy projects that will materialize its 1,000 megawatt portfolio over the next 3-5 years.
Through PAVI Green, its renewable energy investment arm, the group plans to bring its 40.4MW solar project, a venture it has won this year in the Green Power Auction Program (GEAP) administered by the Department of Energy.
In addition to this, the de Villar firm is advancing the implementation of three other solar projects – a 20 MW installation in Bataan, a 26 MW development in Camarines Norte which could be expanded to 75 MW and another 50 MW project. MW in Naga, Camarines Sur with potential expansion. up to 75MW.
The Villar Group is a considerable laggard in the burgeoning renewable energy sector, but given its very deep pockets, industry rivals are watching its investment positioning as a key player closely in the years to come.
The latest asset merged with PAVI is its PremiereREIT (Real Estate Investment Trust), a subsidiary seen as an additional vehicle for the Villar Group to consolidate and expand its presence in the energy sector.
According to PAVI, “PremiereREIT’s current real estate portfolio consists of land, land rights, key power plant assets and other ancillary infrastructure that are leased and used by sponsors for their power generation operations.”
The company emphasized that “PremiereREIT will venture into these best performing asset classes in society, ensuring investments with continued capital appreciation and social responsibility.”
Atty TJ Mendoza, Head of Infrastructure and Projects at PAVI, said the company “aims to continually diversify our portfolio to achieve our goals of becoming a key player in the infrastructure and utilities sector.”
While increasing investment in renewable energy and related infrastructure facilities, the PAVI executive noted that the parallel focus will be on “guaranteeing returns for our stakeholders and at the same time seeking a way to implement these initiatives in a way that contributes significantly to nation building and capacity building.”
In addition to companies in the clean energy field, PAVI also has subsidiaries that deal with the electrification of off-grid areas; as well as its retail electricity supplier (RES) unit Kratos RES which has entered into supply contracts with questionable customers – or the segment of end-users who can already negotiate and buy their electricity needs directly from their preferred suppliers.
Its business units SI Power Corporation (SIPCOR) and Camotes Island Power Corporation (CAMPCOR), in particular, have also met the electricity needs of approximately 60,000 households in the underserved off-grid areas of Siquijor and Camotes Islands in the Visayas.
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