AC Energy Corp. of the Ayala Group said Wednesday it invested P14 billion to acquire majority stakes in subsidiaries developing a 283-megawatt solar and 160-MW wind projects.
AC Energy said in a disclosure to the stock exchange it would acquire 70 million shares in unit Bayog Wind Power Corp., equivalent to a 99.96-percent stake, at P100 per share for a total of P7 billion.
The full payment of subscription price is subject to the regulatory approval by the Securities and Exchange Commission of an increase in the authorized capital stock of BWPC.
“The subscription will be used by BWPC to fund continuing works for the construction of the 160-MW Pagudpud Wind Project in Barangays Balaoi and Caunayan, Pagudpud, Ilocos Norte,” it said.
The project will be wholly-owned by the AC Energy following board approval of the acquisition of the ownership interest of UPC Philippines Wind Investment Co. BV and Stella Marie L. Sutton in BWPC.
AC Energy will acquire 699,963,159 shares of SCSEI equivalent to 99.99 percent stake at P10 per share for a total subscription price of P6.99 billion.
The subscription will be used by SCSEI to fund the construction of the 283-MW San Marcelino Solar Power project in San Marcelino, Zambales. The transaction is also subject to the necessary regulatory approval by the SEC on the increase in authorized capital stock of SCSEI.
AC Energy is the listed energy platform of the Ayala Group. It aspires to be the largest listed renewables platform in Southeast Asia, with a goal of reaching 5,000 MW of renewables capacity by 2025.