The power unit of the Ayala Group AC Energy Philippines (Aceph) signed a P2.78 billion share purchase in San Carlos Energy Inc. (Sacasol) in Negros Occidental.
The ownership interest is acquired from the Philippine Investment Alliance for Infrastructure (Pinai), according to a Sunstar report.
A 45 MW solar farm located in Negros Occidental is owned by Sacasol, which is currently operating under the feed-in-tariff (FIT) scheme of the Renewable Energy Act.
“By acquiring controlling interest in Sacasol, the company will increase its ownership interest in a generating asset that is operating under the FIT system of the Renewable Energy Act,” Aceph told the stock exchange Tuesday, Dec. 3.
This move improved Aceph’s strategic objective to achieve at least 2 GW of attributable renewable energy capacity by 2025.
Pinai investors are to sell all of their Sacasol stock to Aceph once the agreement is already approved by the Philippine Competition Commission. The transaction is expected to be completed by March 2020.
Pinai investors are composed of Macquarie Infrastructure Holdings (Philippines) Pte. Ltd., Langoer Investments Holding B.V. and the Government Service Insurance System (GSIS)
The San Carlos solar plant is one of the major renewable developments in Visayas.