Danessa Rivera (The Philippine Star)
- March 1, 2020 - 12:00am
MANILA, Philippines — The Philippine
Competition Commission (PCC) has cleared the entry of AC Energy Philippines
Inc. in another solar power plant in Negros Occidental.
PCC approved AC Energy’s acquisition
of the stake of Philippine Investment Alliance for Infrastructure (PINAI)
investors in Negros Island Solar Power Inc. (Islasol), which owns and operates
an 80 megawatt solar farm in Negros Occidental.
The regulator said the deal would
“not likely result in substantial lessening of competition.”
The PINAI investors will sell all of
their shares of stock in Islasol to AC Energy, or its designated affiliate, for
P1.1 billion under a share purchase agreement signed in November last year.
“Completion of the transaction is
subject to approval by the Philippine Competition Commission, which was
received by the company on Feb. 28,” AC Energy Philippines said.
With the completion of the
transaction, the Ayala firm will be able to increase its cash flows from
Islasol’s solar power farm.
“By acquiring a controlling interest
in Islasol, the company will increase its ownership interest in a generating
asset with stable cash flows at a reasonable cost,” AC Energy said.
The PCC also approved AC
Energy’s acquisition in San Carlos Solar Energy Inc. (Sacasol), which
owns and operates a 45-MW solar farm located in Negros Occidental, which is
operating under the feed-in-tariff (FIT) regime of the Renewable Energy Act.
The acqusition of solar farms is
part of the company’s plan to be a major player in the renewable energy
business with the addition of the solar projects with combined capacity of 125
MW to its existing portfolio of renewable energy projects.
By 2025, AC Energy Philippines plans
to put up a total of 2,000 MW of renewable capacity.
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