Ayala unit completes P 4.6-B acquisition deals

AC Energy Philippines Inc. (ACEPH), through wholly owned subsidiaries, have closed two transactions amounting to a combined P4.61 billion and involving the acquisition of shares in two renewable energy firms.This followed the approval by the Philippine Competition Commission (PCC) on Feb. 13 of the Ayala group’s purchase of P2.98 billion worth of shares in San Carlos Solar Energy Inc. (Sacasol).

The PCC also approved on Feb. 28 the purchase of P1.63 billion worth of shares in Negros Island Solar Power Inc. (Islasol).

The shares represented the ownership interest in these two firms of the Philippine Investment Alliance for Infrastructure, which groups the Government Service Insurance System, Langoer Investments Holding BV and Macquarie Infrastructure Holdings Philippines Pte. Ltd.

Sacasol owns, operates and develops solar power plants, including a 45-megawatt facility in San Carlos City, Negros Occidental province. Islasol

is engaged in exploring, developing and using renewable energy resources such as solar energy. It owns and operates an 80-MW solar farm in Negros Occidental.

The competition watchdog said these transactions—which ACEPH completed through Giga Ace 2 for Sacasol and through Giga Ace 3 for Islasol—“will not likely result in substantial lessening of competition.”

Last week, ACEPH’s own parent firm, AC Energy Inc., said that it was consolidating its overseas and domestic businesses by ramping up stake in the former to 85 percent from 66.3 percent.

The Ayala group took over management of ACEPH in September 2019 by mustering an interest of 66.34 percent in the company formerly named Phinma Energy Corp.

With this latest move, ACEPH will again take a new name—AC Energy Corp.—and its authorized capital stock almost doubled to P48.4 billion from P24.4 billion.

AC Energy president Eric Francia said the combined platform would have an attributable capacity of around 1,500 MW, both in projects that

were already operating or were still being built. Of such portfolio, renewable energy accounts for 60 percent, or

900 MW.

“The company shall continue to focus on renewables expansion as we move toward our 2025 goal of reaching 5 gigawatts, [or 5,000 MW] of renewables capacity,” Francia said. INQ