AC Energy Philippines (PSE:ACEN) has acquired a 97.6% stake in a subsidiary of solar and battery storage supplier Solar Philippines Power Project Holdings Inc, namely Solar Philippines Central Luzon Corp (SPCLC).
AC Energy, which is part of domestic business group Ayala Corp (PSE:AC), said in a bourse filing on Monday that the deal will enable it to set up a joint venture with Solar Philippines and develop photovoltaic (PV) projects at home.
SPCLC develops and owns solar projects, mainly in Central Luzon.
Under the deal, AC Energy has purchased 244,000 common shares in SPCLC and subscribed for an additional 375,000 common shares, giving it ownership of a total of 619,000 shares. The stock was bought at a price of PHP 1 (USD 0.096/EUR0.017) apiece.
In a separate statement, AC Energy said that SPCLC has received clearance from its board to participate in bidding tenders for electricity supply. The same has been approved for AC Energy’s subsidiary Santa Cruz Solar Energy Inc, which operates a 60-MW solar park in Zambales province, Central Luzon.
AC Energy has set a goal of reaching 5 GW of installed renewables capacity by 2025.