The Ayala conglomerate’s energy platform, AC Energy has completed the acquisition of the Phinma Group’s 51.48% stake in Phinma Energy Corp.
AC Energy purchased a total of 3.67 billion billion shares for P3.42 billion.
Meanwhile, the mandatory tender offer for Phinma Energy shares ended last June 19 with a total of 156,476 shares having been tendered.
“This is an important step to achieve AC Energy’s goal of reaching 5 gigawatts per hour of renewables capacity by 2025,” said AC Energy president and CEO Eric Francia.
AC Energy owns approximately 1.6 GW of generation capacity in operation and under construction. In 2018, AC Energy generated 2,800 GWH of energy, 48% of which was from renewable sources.
AC Energy and Phinma Energy first teamed up in 2011 for the development, construction and operations of a 244-megawatt coal power plant in Calaca, Batangas, under South Luzon Thermal Energy Corp.