By Jordeene Sheex Lagare – April 14, 2018
from The Manila Times
TUGBOAT services provider Harbor Star Shipping Services, Inc. (TUGS) has acquired two General Santos City-based solar power firms as part of its diversification into the power business.
TUGS told the local bourse on Friday that unit Harbor Star Energy Corp. (HSEC) had entered into a definitive agreement for the acquisition of 100 percent of the issued and outstanding capital stock of Astroenergy Development F1, Inc. (ADF1).
HSEC also acquired an additional 25 percent of the issued and outstanding capital stock of Astronergy Development Gensan, Inc. (ADGI).
The additional acquisition allows TUGS to effectively control 85 percent of the issued and outstanding capital stock of ADGI, giving it the right to nominate and elect all the board members of ADGI.
Under the PPA, SOCOTECO-II will purchase all the energy output from the project.
Construction of the initial 25MW solar power plant will be completed by the second quarter of 2018, TUGS said.
ADF1 has its own ancillary permits and contracts to support the expansion of the 25MW ADGI solar power plant to 75MW.
“By investing in solar power and General Santos City, TUGS positions itself in the energy sector of the future and a territory where major development will be seen in the next ten years. TUGS’ entry into ADGI will provide a new steady income stream and necessarily, increased shareholder value,” it added.
Full payment of HSEC to existing shareholders will be completed upon the execution of the deeds of assignment, it said.