Aboitiz unit buying SunEdison

A Singapore-based subsidiary of Aboitiz Power Corp. earlier this month signed an agreement to buy all shares of SunEdison Philippines Helios BV, a unit of Dutch firm SunE Solar BV.

It said in a disclosure that the offshore execution of the deed of transfer was subject to certain closing conditions under the share purchase agreement.

AP International approved the acquisition of SunE Solar on March 2.

AboitizPower, through subsidiary Aboitiz Renewables Inc., earlier entered into a joint framework agreement to develop solar photovoltaic projects in the Philippines.

Thus, SunEdison Aboitiz Renewables invested in Maaraw Holdings San Carlos Inc. and San Carlos Sun Power Inc. for the 59-megawatt project in Negros Occidental.

However, issues arose from the joint venture companies, which were resolved through a compromise agreement— SunEdison will divest itself of its stake in Sacasun, which Aboitiz Power will acquire.

“The transaction will result in AP International owning all the issued and outstanding shares of Sunedison Philippines,” AboitizPower said. —RONNEL W. DOMINGO