Published November 5, 2019, 10:00 PM
By Myrna M.
Velasco
The energy investment arm of the
Ayala group has sealed agreements to buy out the shareholdings of foreign
partners in its coal-fired power facility in Batangas; and its wind farm power
venture in Ilocos Norte.
In a disclosure to the Philippine
Stock Exchange (PSE), AC Energy, Inc. indicated that it will be exercising its
“right to purchase the 20 percent ownership stake of Axia Power Holdings
Philippines, Inc. in South Luzon Thermal Energy Corporation.”
Axia Power is a subsidiary of
Japanese firm Marubeni Corporation which bought into the 270-megawatt SLTEC
project in 2016, when it was still under the ownership of PHINMA Energy of the
Del Rosario Group.
SLTEC is the corporate vehicle of
the two unit coal-fired power plant (of 135-megawatt capacity each) that had
been part of the Ayala group acquisition from PHINMA Energy.
AC Energy has emphasized that the
buyout of Axia Power’s interest in SLTEC shall be “subject to satisfaction of
certain conditions precedent,” including prospective approval of the Philippine
Competition Commission.
In a parallel development, AC Energy
also announced that it inked a share purchase agreement with Philippine
Investment Alliance for Infrastructure (PINAI) for the acquisition of the
latter’s 31 percent effective preferred equity ownership and 15 percent
effective common equity ownership in the North Luzon Renewable Energy
Corporation.
North Luzon Renewables is the
corporate vehicle of the 81-megawatt Pagudpud wind farm power project in Ilocos
Norte that had been included in the first wave of renewable energy ventures
incentivized with feed-in-tariff.
PINAI is an investment fund
comprising of Macquarie Infrastructure Holdings (Philippines) Pte. Ltd., and
Langoer Investments Holdings B.V. while the local partner is Government Service
Insurance System.
Aside from AC Energy and PINAI, the
other significant shareholders in the Pagudpud wind project are UPC Philippines
HoldCo I B.V.; and Luzon Wind Energy Holdings B.V. which is an affiliate of
Japanese firm Mitsubishi Corporation.
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