AC Energy beefs up RE portfolio
BY LENIE LECTURA – OCTOBER 20, 2021
from Business Mirror
AC Energy Corp. (ACEN) is beefing up its renewable energy portfolio by acquiring its partners’ stake in Northwind Power Development Crp. (Northwind) and all the Philippine operating and development assets of UPC Philippines Wind Investment Co. B.V. (UPC Philippines).
ACEN is increasing its stake in Northwind to 100 percent through the acquisition of the 32.2 percent interest of its partners for up to P1.093 billion.
The sellers, in turn, will subscribe to up to 90 million shares of ACEN at a subscription price of up to P11.32 per share.
Known as the Bangui Windmills, NorthWind is the first wind farm in Southeast Asia that started commercial operations in 2005. The Bangui Windmills was also the first renewable energy project of ACEN.
ACEN also said it will acquire the ownership of UPC Philippines and Stella Marie L. Sutton in various energy companies, including all of UPC Philippines’ interests in North Luzon Renewables, the owner of the operating 81 MW Caparispisan wind farm; Bayog Wind Power Corp., the owner of the 160 MW Pagudpud Wind that is under construction; and various renewable energy projects under development.
ACEN will purchase these assets for up to P4.5 billion.
UPC Philippines, in turn, will subscribe to up to 390 million shares of ACEN for up P11.32 per share.
With the acquisition of UPC Philippines’ shares, ACEN will take full ownership of the 160 MW Pagudpud Wind and raise its stake in the 81 MW North Luzon Renewables wind farm to about 78 percent.
The acquisition also includes UPC Philippines’ renewable development pipeline totaling about 1,300 MW.
“We have had excellent relationship and outcomes with our partners from Northwind and UPC Philippines, and would like to thank our partners for the trust and collaboration all these years,” said ACEN President and CEO Eric Francia. “These transactions enable us to leverage synergies across the ACEN portfolio and allow our partners to benefit from ACEN in the long long-term.”
Jose Maria Zabaleta, ACEN’s chief development officer, said these acquisitions will prove to be an important catalyst in expediting the company’s shift to renewables.
“The additional 1,300 MW of renewables pipeline and expanded operations will accelerate our sustainable growth towards developing high value renewable energy projects,” Zabaleta said.
ACEN has about 2,600 MW of attributable capacity in the Philippines, Vietnam, Indonesia, India and Australia. 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.
