AC Energy, JV partner divest from Negros biomass ventures


Negros Island Biomass Holdings (NIBH), a joint venture between AC Energy and the Zabaleta group, has signed binding agreements to divest its shareholdings in three biomass-fired power plants in Negros Occidental.

NIBH will be selling its ten percent stake in the 25-megawatt (MW) South Negros BioPower in La Carlota City, the 25MW North Negros BioPower in Manapla, and the 20MW San Carlos BioPower ventures to Singapore-based ThomasLloyd CTI Asia Holdings Pte. Ltd., which already owns 90% of the projects. The sale now gives ThomasLloyd full control of the three biomass plants.

The terms of the sale were not disclosed.

The World Bank Group’s International Finance Corporation invested $161 million to help build the three plants in 2016.

The divestment of its indirect minority interest allows AC Energy to focus on the expansion of its core solar and wind businesses as it moves towards its goals of reaching 5,000MW of renewable energy (RE) capacity by 2025 and becoming the largest listed RE firm in Southeast Asia.

AC Energy, which recently doubled its authorized capital stock, owns several solar farms in Negros. Among them are the 45MW Sacasol project in San Carlos City, the IslaSol projects in La Carlota (32MW) and Manapla (48MW), and the 18MW MonteSol project in Bais City, Negros Oriental.

The Zabaleta group, meanwhile, continues to be invested in the solar and wind sectors, and operates Bronzeoak Clean Energy in the bioenergy sector. Bronzeoak Clean Energy continues to provide management services to ThomasLloyd for the three plants, and continues as a bioenergy development and management company.

The acquisition by ThomasLloyd allows it to fully consolidate and further expand the biopower business, moving beyond just the power business and into complementary and ancillary businesses.


Photo from Poyry website.