AC Energy completes stake purchase of Negros solar farms

March 25, 2020 | 12:01 am
https://www.bworldonline.com/ac-energy-completes-stake-purchase-of-negros-solar-farms/

AYALA-LED AC Energy Philippines, Inc. (ACEPH) on Tuesday announced that it has finished its purchase of controlling stakes in two Negros Occidental solar farms within its target date.

In November, the Ayala energy unit signed a share purchase agreement to acquire shares of Macquarie Infrastructure Holdings (Philippines) Pte. Ltd., Langoer Investments Holding B.V., and the Government Service Insurance System in both San Carlos Energy, Inc. (Sacasol) and Negros Island Solar Power, Inc. (Islasol).

AC Energy Philippines’s wholly-owned subsidiary Giga Ace 2, Inc. paid P2.981 billion to acquire the shares of the investors in Sacasol, an increase by P200 million from the earlier reported purchase price of P2.772 billion.

It acquired 6,996 common B shares and 36,246 redeemable B shares in the 45-megawatt solar farm, which operates under the feed-in-tariff regime of the Renewable Energy Act.

Meanwhile, Giga Ace 3, Inc., ACEPH’s other subsidiary, also bought the shares of the same group of investors in the 80 MW Islasol for P1.629 billion.

The share purchases were in part of the listed firm’s target of achieving at least 2 gigawatts of attributable renewable energy capacity by 2025.

The deals were expected to close on or before March 31.

On Tuesday, shares in ACEPH went up 1.32% to close at P1.53 apiece. — Adam J. Ang