AC Energy, Zabaleta Group sell stake in Visayas biomass projects

AC Energy Corp. (Acen) along with the Zabaleta group have divested their minority shareholdings in three biomass-fed power projects in the Visayas as part of moves by the Ayala group to concentrate on their core renewable energy projects—solar and wind.

The three projects are the 20-megawatt San Carlos BioPower, 25 MW North Negros BioPower and the 25 MW South Negros BioPower, where Negros Island Biomass Holdings Inc. (NIBH) is the minority partner.

Agreement

NIBH, a joint venture between AC Energy and the Zabaleta group, has signed binding agreements for the prospective sale of their equity stake in the three projects to their partner, Singapore-based ThomasLloyd CTI Asia Holdings Pte. Ltd.ThomasLloyd already indirectly owns more than 90 percent of the economic interest in the three power plants.

The transaction, terms of which were not disclosed, is still subject to conditions that are yet to be met.

Acen said in a disclosure that the divestment of its indirect minority interest in the three projects enables the company to focus on the expansion of its solar and wind portfolio.

Portfolio

The Ayala group’s power generation platform is aiming at building up a portfolio of 5,000 MW of renewables-based output capacity by 2025, and also to be the largest listed renewable energy platform in Southeast Asia.Meanwhile, the Zabaleta group continues to be invested in the solar and wind sectors, and operates Bronzeoak Clean Energy in the bioenergy sector.

Bronzeoak Clean Energy will continue to provide management services to ThomasLloyd for the three plants.

For its part, the planned acquisition by ThomasLloyd allows the company to fully consolidate its biopower business and to expand into complementary and ancillary businesses. INQ

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