Ayala-controlled AC Energy Corp. (ACEN) will acquire a 97.6 percent stake in Solar Philippines Central Luzon Corp. (SPCLC) from Solar Philippines Power Project Holdings Inc. (SP) of businessman Leandro Leviste.
The move will pave the way for the development of more solar power projects between the two parties.
ACEN disclosed Monday it signed a deal to acquire 244,000 common shares in SPCLC for P244 million.
“The acquisition will allow ACEN to have a significant ownership interest in SPCLC and is meant to implement the joint venture between ACEN and SP for the development of solar power projects in the Philippines,” ACEN said.
SPCLC is a special purpose vehicle for the development and operation of solar power projects.
“ACEN will have the opportunity to earn stable dividend income from the operations of the solar power projects,” the company said.
Leviste, son of former Senator and now Congresswoman Loren Legarda has been looking for partners in preparation for Solar Philippines’ initial public offering.
According to the Department of Energy website, Solar Philippines is developing projects with a total capacity of over 10 GW in over a dozen provinces.