Ayala-led ACEN Corporation has executed a share purchase agreement with Sungrow Power Renewables Corp. and Havilah AAA Holdings Corp., a company behind a 60-megawatt-peak (MWp) solar plant in Pangasinan.
According to ACEN’s Philippine Stock Exchange (PSE), the agreement involves the sale and purchase of Sungrow and Havilah’s shares and/or subscription rights in Sinocalan Solar Power Corp, (SSPC) to ACEN.
SSPC is the developer of the 60-MWp solar power plant in Pangasinan.
“Completion of the acquisition is expected to occur by Dec. 15, 2022, subject to agreed conditions precedent,” ACEN said in its disclosure.
Once the acquisition is completed, ACEN will fully own SSPC, which will add 60 MW of renewable energy capacity to its portfolio.
The company currently has 4000 MW in attributable capacity across the Philippines, Vietnam, Indonesia, India, and Australia.