AC Energy Philippines has firmed up a deal to increase its interests in Negros Island Solar Power Inc. (Islasol) and San Carlos Solar Energy Inc. (Sacasol) through deals with a combined tag of about P3.9 billion.
Aceph said in regulatory filings that it had signed share purchase agreements with investors of the Philippine Investment Alliance for Infrastructure (Pinai) for the latter’s ownership interest in Islasol at about P1.1 billion and in Sacasol at about P2.8 billion.
Pinai is a fund that the Government Service Insurance System launched in 2012, backed by Macquarie Infrastructure Holdings Philippines Pte. Limited and Langoer Investments Holding B.V.
The Ayala group-led firm said that by acquiring a controlling interest in Islasol, it would increase its ownership interest in a generating asset with stable cash flows at a reasonable cost.
Islasol is engaged in exploring, developing and using renewable energy resources such as solar energy. It owns and operates an 80-MW solar farm in Negros Occidental.
Also, by acquiring a controlling interest in Sacasol, Aceph will increase its ownership interest in a power generation asset that is operating under the feed-in-tariff (FiT) system of the Renewable Energy Act.
The FiT system is a form of incentive meant to encourage investments in renewable energy.
Sacasol owns, operate and develops solar power plants, including a 45-MW facility in San Carlos City, Negros Occidental.
“The acquisition(s) furthers the company’s strategic objective to achieve at least 2 GW [2,000 megawatts] of attributable renewable energy capacity by 2025,” Aceph said.