AC Energy to take control of three Ilocos wind farms
AC ENERGY Corp. plans to increase its stake in three wind farm operators based in Ilocos Norte.
In a statement sent to reporters on Wednesday, the listed power firm said it is set to fully acquire ownership of Northwind Power Development Corp., from its 68% stake previously. Northwind Power operates a 52-megawatt (MW) wind farm in Bangui.
The Bangui wind farm is the company’s first renewable energy project.
AC Energy said it will increase its stake in Northwind Power by acquiring the interest of its partners for P1.09 billion.
The sellers, Northwind Power and all the Philippine operating and development assets of UPC Philippines Wind Investment Co. B.V. will subscribe to up to 90 million shares in AC Energy at P11.32 apiece.
On Wednesday, the Ayala-led firm said it will also be raising its ownership in Bayog Wind Power Corp. to 100% from the previous 85%. Bayog Wind operates the 160-MW Pagudpud wind farm, which is under development.
The company added that it is raising its interest to 78% from 67% in North Luzon Renewables, which operates the 81-MW Caparispisan wind farm.
It will be acquiring the shares in the Pagudpud and Caparispisan wind farms for P4.5 billion from UPC Philippines and a certain “Stella Marie L. Sutton.”
UPC Philippines will, in turn, subscribe to up to 390 million shares of AC Energy at a subscription price of up to P11.32 per share.
By purchasing UPC Philippines’ shares in the two wind farms, AC Energy also stands to acquire the former’s “renewable development pipeline of around 1,300 MW.”
“We have had excellent relationship and outcomes with our partners from Northwind and UPC Philippines, and would like to thank our partners for the trust and collaboration all these years,” AC Energy President and Chief Executive Officer Eric T. Francia said.
“These transactions enable us to leverage synergies across the AC Energy portfolio and allow our partners to benefit from AC Energy in the long, long term,” he added.
Meanwhile, AC Energy’s Chief Development Officer Jose Maria P. Zabaleta said the additional 1,300 MW of pipeline renewables projects will expedite the firm’s development of high-value RE projects.
The company said the acquisitions are contingent on compliance with agreed conditions, consents and regulatory approvals.
The listed energy platform of the Ayala group aspires to become the largest listed RE platform in Southeast Asia as it targets to reach 5,000 MW of renewables capacity by 2025.
Shares in AC Energy on Wednesday were unchanged at P11.88 apiece. — Angelica Y. Yang
