In 2012, Argosy led an investment consortium (Minerva Partners) to acquire a controlling interest in PowerSource Philippines Inc. (PSPI), which was founded in 2003. Argosy (www.argosyinvestments.com) has invested in, advised on, and raised significant funds in various investment transactions in the Philippines and internationally since 1999.
PSPI is the first Qualified Third Party (“QTP”) license holder under the Philippines Electric Power Industry Reform Act (EPIRA), and the first QTP recipient of the Universal Charge/Missionary Electrification (UCME) subsidy, providing end-to-end power supply solutions in remote microgrid areas in the Philippines.
In 2014, PSPI, Minerva Partners, and Prime Asset Ventures Inc., an infrastructure development company focused on water and power, established PowerSource Philippines Development Corporation (PPDC). PPDC originates, develops, and builds power plants for industrial customers and distribution utilities.
In 2014, PowerSource signed agreements with Republic Cement Iligan, Inc. or RCII (formerly Lafarge Iligan, Inc.), a subsidiary of Republic Cement & Building Materials, Inc. or RCBMI (formerly Lafarge Republic, Inc.), and Iligan Light & Power Incorporated (ILPI) to build a 20 MW coal power plant with hybrid provision for biomass with power offtake from RCII and ILPI.
In 2015, PowerSource Philippines Distributed Power Holdings, Inc. (PHI) was established to set up PowerSource Philippines Energy, Inc. (PPEI), the Special Purpose Vehicle holding the Iligan power project. PHI's investors include TEE Infrastructure Private Limited (www.teeintl.com), Minerva Partners, Inc., D.M. Wenceslao & Associates, Inc. (www.dmwai.com), Lombard Holdings, Inc., FLG Management and Development Corporation, Pure Generation and Transmission, Inc. and Benito & Sons Management.