AYALA-LED AC Energy, Inc. is transferring its stake in renewable energy projects abroad to its Philippine-listed unit in exchange for more shares in the latter.
AC Energy Philippines, Inc. (ACEPH) said on Thursday that its board had agreed to inject additional primary shares to its parent company, which will own 85% of the former, in exchange for the latter’s shares in its international renewables unit, Presage Corp.
“This transaction will firmly establish the company as Ayala’s energy platform both in the Philippines and around the region,” AC Energy Chairman Fernando Zobel de Ayala said in a statement.
The combined platform is valued at approximately P97 billion with a perceived attributable capacity of around 1,500 megawatts (MW) in operating and under-construction power plant projects, 60% of which are renewables.
“The company shall continue to focus on renewables expansion, as we move towards our 2025 goal of reaching 5 GW (gigawatts) of renewables capacity,” AC Energy President and Chief Executive Officer Eric T. Francia said.
The listed firm said the deal is expected to close within the year.
Meanwhile, ACEPH’s board agreed to change the company name to AC Energy Corp. It is set to increase the energy platform’s authorized capital stock by P24 billion. It also approved a $200-million potential investment in the 160-MW Balaoi wind project in Pagudpud, Ilocos Norte, with partner UPC Renewables, which runs wind and solar projects globally.
The company is set to invest $100 million in new technologies and a renewable energy laboratory project in Mariveles, Bataan. — Adam J. Ang
