Published January 3, 2018, 10:00 PM By Myrna M.
Velasco
A Netherlands-registered investment
arm of Aboitiz Power Corporation has fully acquired shareholdings in affiliate
firm San Carlos Sun Power, Inc. (Sacasun) that developed the 59-megawatt peak
solar photovoltaic facility in San Carlos City, Negros Occidental.
It has been disclosed to the
Philippine Stock Exchange (PSE) that Aboitiz Power now owns 100-percent equity
in the solar power asset, previously held under SunEdison Philippines Helios
B.V.
The listed firm noted that AP
International and SunE Solar B.V. already “completed the execution of the deed
of transfer in the Netherlands following the fulfillment of the closing
conditions under the share purchase agreement (SPA) dated December 20, 2017.”
The Aboitiz firm said “the SPA and
the deed of transfer are subject to approvals from the creditors of SUNE under
the secured senior superiority debtor-in-possession credit agreement dated as
of April 26, 2016 between SUNE, Deutsche Bank AG New York Branch and the
creditors of SUNE.”
SUNE is the parent company of SunE
Solar and SunEdison Philippines that became the Aboitiz group’s original
partner in developing the San Carlos utility scale solar PV project.
The company reiterated that the
firming up of the deal “results to Aboitiz Power Corporation owning 100-percent
beneficial ownership” in the Sacasun solar power facility.
AP qualified that “the value of the
transaction is based on the parties’ agreed enterprise vaue for SunEdison
Philippines and its assets, net of the amount incurred by ARI (Aboitiz
Renewables, Inc.) for the acquisition of Sacasun’s loan from BDO.”
ARI is the original Aboitiz Group
subsidiary that invested in Maaraw Holdings San Carlos Inc. and Sacasun in the
solar farm venture.
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