AC Energy Corp. (ACEN) on Monday said its subsidiary had signed an agreement to buy the ownership interest and subscription rights of UPC Philippines Wind Investment Co. BV and a certain Stella Marie L. Sutton in 12 power companies. READ:
In a disclosure to the exchange, the Ayala-led company said its subsidiary ACE Endevor, Inc. signed on March 18 the agreement for the sale and purchase of the shares in the target companies.
The companies involved in the transaction are: North Luzon Renewable Energy Corp. ; Bayog Wind Power Corp. ; 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.
“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-megawatt 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 in its disclosure.
ACEN aims to become the biggest listed energy platform in Southeast Asia as plans to put up 5,000 MW of renewable energy capacity by 2025.
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