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MANILA – AC Energy Corp. of Ayala said on Monday it acquired a subsidiary of Solar Philippines Power Project Holdings Inc. (SP) as a way to finalize a joint venture between the two companies to develop solar power projects, primarily in Central Luzon.
AC Energy said it entered into an absolute share sale deed with SP to acquire a 97.6 percent stake in its Solar Philippines Central Luzon Corp (SPCLC) unit.
“The acquisition will allow AC Energy to have a significant ownership stake in SPCLC and is intended to implement the joint venture between AC Energy and SP for the development of solar energy projects in the Philippines,” said AC Energy.
In a separate disclosure, the company said its board approved SPCLC and another subsidiary Santa Cruz Solar Energy Inc. to participate in bids for the supply of electricity.
SPCLC is SP’s vehicle to develop solar farms in Central Luzon, while Santa Cruz Solar operates a 60-megawatt Zambales plant, also within the region.
AC Energy previously said that it is looking for two solar plants in Central Luzon, each with a capacity of 75 MW, which are located in Arayat and Mexico, Pampanga and Palauig, Zambales.
The company is expanding with investments not only in the Philippines, but also in the Asia-Pacific region to meet its goal of having a 5 gigawatt renewable energy portfolio by 2025.
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