ATN HOLDINGS, Inc. said the board of its energy arm had approved entering into a 20-year joint venture and technical agreements for its 30-megawatt (MW) solar photovoltaic (PV) project with prospective parties in the country and abroad.
In a disclosure, ATN Holdings said ATN Philippines Solar Energy Group, Inc. (ATN Solar) was given a go signal to agree with possible partners from the Philippines, Europe, Japan, and Malaysia.
The company said the decision was due to the projected output decline of the Malampaya gas field, which supplies about 20% of the country’s energy requirements.
“To contribute to mitigation of energy supply deficit projected in 2024 and thereafter due to the depletion of the Malampaya natural gas field and implementation of Renewable Portfolio Standards,” the company said.
ATN Solar’s board also approved the company to negotiate, enter and execute a contract with Manila Electric Co. (Meralco) for the supply, delivery, and purchase of solar electricity from its 30-MW solar plant in Macabud, Rodriguez, Rizal.
Meanwhile, ATN Holdings’ board also approved the company to secure a P5 million bond for a special mining permit for 2023 covering 82.71 hectares of quarry area in Montalban, Rizal.
Established in 1961, the company is primarily engaged in mining and oil exploration. It also has interests in real estate, land development, energy, and health care services.
At the stock exchange on Monday, shares in the company closed unchanged at 39 centavos apiece. — Ashley Erika O. Jose