MANILA - Ayala's AC Energy Corp. said Monday it acquired a subsidiary of Solar Philippines Power Project Holdings Inc. (SP) as a way to finalize a joint venture between the two companies to develop solar power projects, mainly in Central Luzon.
AC Energy said it signed a deed of absolute sale of shares with SP to acquire a 97.6-percent stake in its unit Solar Philippines Central Luzon Corp (SPCLC).
"The acquisition will allow AC Energy to have a significant ownership interest in SPCLC and is meant to implement the joint venture between AC Energy and SP for the development of solar power projects in the Philippines," AC Energy said.
In a separate disclosure, the company said its board approved SPCLC and another subsidiary Santa Cruz Solar Energy Inc. to participate in biddings for electricity supply.
SPCLC is a vehicle by SP to develop solar farms in Central Luzon, while Santa Cruz Solar operates a 60-megawatt Zambales plant, also within the region.
AC Energy earlier said it is pursuing two solar plants in Central Luzon -- each with 75-MW capacity which are in Arayat and Mexico, Pampanga and in Palauig, Zambales.
The company is expanding with investments not just in the Philippines, but also in the Asia-Pacific region to meet its goal of having 5 gigawatts of renewable energy portfolio by 2025.