AC Energy Corp. said Monday it signed agreements over the purchase of the shares of UPC Philippines Wind Investment Co. BV and Stella Marie L. Sutton in their Philippine renewable energy companies and businesses for P4.5 billion.
The sale covers the ownership interest of UPC Philippines and Sutton in North Luzon Renewable Energy Corp., the owner and operator of an 81-megawatt operating wind farm in Barangay Caparispisan, Pagudpud, Ilocos Norte; and Bayog Wind Power Corp., the owner of the 160-MW Pagudpud Wind Farm that is under construction in Barangay Balaoi, Pagudpud.
NLR is a joint venture of UPC Philippines Holdco I B.V., ACEN and Luzon Wind Energy Holdings B.V., while Bayog Wind is a joint venture between ACEN through subsidiary ACE Endevor Inc. and UPC Philippines Holdco II B.V.
ACEN said in a disclosure to the stock exchange it would acquire the 33.3-percent ownership interest of UPC Philippines in NLR, consisting of 16,670 common shares with a par value of P100 per share and 740 preferred shares with a par value of P228,712.35 apiece.
The company will also acquire the 40-percent ownership interest of UPC Philippines in BWPC, consisting of 4,165 common shares with a par value of P100 per share.
“The acquisition by the company of UPC Philippines’ ownership interest in NLR and BWPC will enable the company to have a controlling interest in the currently operating 81-MW wind farm and full ownership of the 160 MW Pagudpud Wind Farm, which is nearing completion, thereby increasing the company’s share in the revenues of NLR and future revenues of BWPC,” ACEN said.
The sale also includes other projects in development such as Buduan Wind Energy Co Inc., Caraballo Mountains UPC Asia Corp., Pangasinan UPC Asia Corp., Sapat Highlands Wind Corp., Mindanao Wind Power Corp., Itbayat Island UPC Asia Corp., Laguna Central Renewables, Inc., Laguna West Renewables, Inc., Suyo UPC Asia Corp. and Solar Ace4 Energy Corp.
Buduan Wind, Pangasinan UPC (Laguna Solar), Caraballo Mountains UPC and Sapat Highlands are non-operating, development special purpose vehicles. Laguna Solar has 1,500-MW in the pipeline. Alena Mae S. Flores
Itbayat Island, Laguna West, Laguna Central, Solar Ace4, Sapat Highlands and Suyo UPC have a combined pipeline of 800 MW.
“The company will further have ownership of UPC Philippines development projects consisting of more than 2,300 MW of pipeline projects currently under development,” the company said.
ACEN aims to be the largest listed renewables platform in Southeast Asia, with a goal of reaching 5,000 MW of renewables capacity by 2025.