AC ENERGY and Infrastructure Corp. is transferring its shares in Mindanao’s biggest coal-fired power plant project to its partner and affiliates, the parent firm of the Ayala-led energy platform told the stock exchange on Monday.

Ayala Corp. said AC Energy’s transfer of all its indirect ownership interest in the project, which will have four units with a capacity of 135 megawatts (MW) each, is for a base selling price of approximately $453.24 million, subject to an agreed adjustment. The price per share has yet to be confirmed.

AC Energy signed the divestment agreement on March 5, 2021 with its partner, Power Partners Ltd. Co. and certain affiliate companies, in the project located in Kauswagan, Lanao del Norte.

“The transaction is aligned with AC Energy’s effort to rebalance its portfolio and to achieve its target of at least 5GW (gigawatts) of renewable energy attributable capacity by 2025,” Ayala Corp. said.

“The transfer will be implemented in tranches with the purchase price to be paid on a deferred basis,” it added.

Power Partners is AC Energy’s developer-partner in GNPower Kauswagan, which is intended to support Mindanao’s power demands and economic development.

AC Energy will also be selling the project site to — the retirement company affiliated with the GNPower firms — for $15.9 million based on the signed divestment agreement.

On its website, the power firm said that it holds an 85% economic stake in the Mindanao coal plant.

In November, Eric T. Francia, president and chief executive officer of Ayala Corp.’s renewable energy firm AC Energy Corp. (ACEN), announced the planned sale of GNPower coal plants located in Lanao del Norte and Bataan.

In another disclosure, publicly listed ACEN said that it would invest nearly P2.2 billion in wholly owned subsidiary Giga Ace 4, Inc. for the latter’s 40-MW battery energy storage system project in Alaminos, Pangasinan.

The firm said that it would buy common A shares, and redeemable preferred A shares from its unit at P219.88 million, and P1.979 billion, respectively. The subscription would be issued out of Giga Ace 4’s increase in authorized capital stock.

Giga Ace 4 is the special purpose vehicle for ACEN’s development projects.

Shares of Ayala Corp. in the local bourse inched down 1.17% or P9 to close at P761 apiece on Monday. Meanwhile, shares of ACEN decreased 5.32% to finish at P6.76 or 0.38 centavos apiece. — Angelica Y. Yang