Danessa Rivera (The Philippine Star)
- February 20, 2020 - 12:00am
MANILA, Philippines — AC Energy
Philippines Inc. has secured the nod of the Philippine Competition Commission
(PCC) to take control of a solar power plant in Negros Occidental.
In a disclosure to the Philippine
Stock Exchange yesterday, AC Energy Philippines said it received the PCC’s
decision, clearing its acquisition of Philippine Investment Alliance for
Infrastructure (PINAI) investors’ stake in San Carlos Solar Energy Inc.
(Sacasol).
In its decision, the PCC said the
transaction would “not likely result in substantial lessening of competition.”
Late last year, AC Energy
Philippines signed a share purchase agreement with PINAI to acquire the
latter’s 6,996 common B shares and 36,246 redeemable B shares in Sacasol.
The shares are equivalent to 70
percent of the total outstanding capital stock of Sacasol.
PINAI is a fund composed of
Macquarie Infrastructure Holdings (Philippines) Pte. Limited, Langoer
Investments Holding B.V. and the Government Service Insurance System (GSIS).
Sacasol owns and operates a
45-megawatt (MW) solar farm located in Negros Occidental, which is operating
under the feed-in-tariff (FIT) regime of the Renewable Energy Act.
The PCC approval is one of the
requisites to close the transaction.
The parties have agreed a
transaction amount of P2.77 billion to be paid in cash.
AC Energy Philippines said the deal
would enable it to be a major player in the renewable energy.
By 2025, AC Energy Philippines plans
to put up 2,000 MW of RE capacity.
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