TUGS scales up renewable energy portfolio
Shipping firm Harbor Star Shipping Services Inc. (TUGS) is expanding its presence in the power generation sector with the acquisition of three renewable energy companies.
In a disclosure to the stock exchange, TUGS said its board approved the purchase by its wholly-owned subsidiary, Harbor Star Energy Corporation of 60 percent of Astronergy Development Gensan, Astronergy Development F1 and Astronergy F from the ADI Group.
HSEC 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, and own entitlements, licenses and permits to operate a 25 megawatt, expandable to 75MW, solar power plant(s) in General Santos City.
ADGI has an Energy Regulatory Commission approved 25-year power purchase agreement with local electric distribution utility, South Cotobato II Electric Cooperative, Inc. (“SOCOTECO-II”). The construction of the initial 25MW solar power plant will be completed by the 2nd quarter of 2018.
Under the deal, SOCOTECO-II will purchase all of the energy output from the 25MW solar power plant.