AC Energy completes purchase of Negros solar farms

By Jordeene B. Lagare – March 25, 2020
from The Manila Times

AC Energy Philippines Inc. announced on Tuesday the completion of its acquisition of a controlling stake in solar farms in Negros Occidental province as part of efforts to ramp up its renewable energy (RE) portfolio. In a disclosure, the Ayala-led company said it had closed the transaction to buy the ownership interest of Philippine Investment Alliance for Infrastructure (Pinai) in Negros Island Solar Power Inc. (Islasol) and San Carlos Solar Energy Inc. (Sacasol). AC Energy acquired the controlling interest in Islasol for P1.629 billion and the stake in Sacasol for P2.981 billion. Islasol owns and operates an 80-megawatt (MW) solar farm and Sacasol runs a 45-MW solar farm, which are under the government’s feed-in-tariff (FiT) scheme. The acquisition comes after AC Energy signed in November a share purchase agreement with Pinai investors Macquarie Infrastructure Holdings (Philippines) Pte. Ltd., Langoer Investments Holding B.V. and the Government Service Insurance System for the controlling shares in Islasol and Sacasol.