Ayala-led power generation AC Energy Corp. (Acen) will add 2,300 megawatts of renewable energy to its pipeline of new projects after buying out its partner in an Australia-based joint venture for a total price tag of P2.39 billion.
In a regulatory filing on Wednesday, Acen said the agreement with UPC Renewables Asia-Pacific Holdings Pte. Ltd. covered the latter’s stake in Northwind Power Development Corp. and all the operating and developing assets of UPC Philippines Wind Investment Co. B.V.
This would give Acen full ownership of Northwind after acquiring the 32.2-percent interest of UPC for P1.09 billion. Northwind, in turn, is set to subscribe to 90 million shares of Acen at P11.32 apiece.
The power firm will also own UPC Philippines and Stella Marie Sutton’s stake in various energy companies, including UPC Philippines’ interests in North Luzon Renewables, Bayog Wind Power Corp. and other renewable energy projects under development.
Acen will purchase the assets for a total P4.5 billion while UPC Philippines will subscribe to 390 million shares of Acen at P11.32 per share.
This would also give Acen full ownership of the 160-megawatt Pagudpud farm. It will also raise its stake to 78 percent in the 81-MW North Luzon Renewables wind farm.
This acquisition binge will allow Acen to add 2,300 MW more to its pipeline of renewable energy projects under development.
These are all in line with the company’s goal of becoming the biggest listed energy platform in the Southeast Asia region by putting up 5,000MW of renewable capacity by 2025.
Locally, the company is building 484 MW of wind and solar capacity. Across the region, it has around 3,800 MW of attributable net capacity, 87 percent or 3,300 MW of which are renewable.