ThomasLloyd buys P3-B shares in AC Energy solar farm

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THE Asian unit of global investment firm ThomasLloyd Group has bought P2.78 billion shares of a subsidiary owned by Ayala-led AC Energy Philippines, Inc.

In a stock exchange disclosure on Tuesday, the energy firm said ThomasLloyd CTI Asia Holdings Pte Ltd. and Negros Island Solar Power Inc. (Islasol) signed a deal with the former acquiring 33,691 preferred shares and effectively owning 34% of the latter.

The Ayala energy firm controls the solar company through its subsidiaries Giga Ace 3, Inc. and Visayas Renewables Corp., now collectively owning 66% interest.

Islasol operates an 80-megawatt (MW) solar farm in La Carlota and Manapla, Negros Occidental.

On March 23, GigaAce 3 purchased the Negros power farm from Philippine Investment Alliance for Infrastructure (PINAI) investors.

Another solar farm based in Negros Occidental, the 45-MW San Carlos Energy, Inc. (Sacasol) was acquired by AC Energy’s Giga Ace 2, Inc. for P2.981 billion from the same investors.

On Tuesday, shares in AC Energy dropped by 4.67% to close at P2.04 each. — Adam J. Ang