Conglomerate Ayala Corp. has unloaded its controlling interest in three hydro-power generation plants as a strategy to focus on energy projects with critical mass.
The group’s power generation arm AC Energy Holdings Inc. signed definitive documents to sell all of its ownership stake in each of QuadRiver Energy Corp., Philnew Hydro Power Corp. and PhilnewRiver Corp. to Sta. Clara Group Inc., Ayala disclosed to the Philippine Stock Exchange on Tuesday.
Prior to this sale, AC Energy held 70 percent of the outstanding capital stock of each of the hydro companies while Sta. Clara Power held the remaining 30 percent.
The hydro companies are grantees of several hydropower service contracts from the Department of Energy.
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