AC Energy buys Solar Philippines unit to expedite joint venture

ac energy

Ayala’s AC Energy Corp. said Monday January 25, it acquired a subsidiary of Solar Philippines Power Project Holdings Inc. (SP) as a way to finalize a joint venture between the two companies to develop solar power projects, focusing mainly in Central Luzon.

In a disclosure to the Philippine Stock Exchange, AC Energy said it signed a deed of absolute sale of shares with SP to acquire a 97.6-percent stake in its unit Solar Philippines Central Luzon Corp (SPCLC). AC Energy Corporation (“ACEN”), signed a Deed of Absolute Sale of Shares with Solar Philippines Power Project Holdings, Inc. (“SP”) for the acquisition by ACEN of SP’s two hundred forty-four thousand (244,000) common shares (the “Sale Shares”) in Solar Philippines Central Luzon Corporation (“SPCLC”) with a par value of Php1.00 per share or a total par value of Two Hundred Forty-Four Thousand Pesos (Php 244,000.00) (the “Purchase Price”).

“The acquisition will allow AC Energy to have a significant ownership interest in SPCLC and is meant to implement the joint venture between AC Energy and SP for the development of solar power projects in the Philippines,” the company said.

In a separate disclosure, AC Energy said its board approved SPCLC and another subsidiary Santa Cruz Solar Energy Inc. to participate in biddings for electricity supply. SPCLC is a vehicle by SP to develop solar farms in Central Luzon, while Santa Cruz Solar operates a 60-megawatt Zambales plant, also within the region.

AC Energy earlier said it is seeking two solar plants in Central Luzon each with 75-MW capacity which is in Arayat and Mexico, Pampanga and in Palauig, Zambales.

The company is increasing with investments not just in the Philippines, but also in the Asia-Pacific region to reach its goal of having 5 gigawatts of renewable energy portfolio by 2025. AC Energy stock was last traded at P6.69 a piece Monday, January 5, 2021.

Source: ABS-CBN; PSE Edge

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