AC Energy to sell Mindanao coal plant for $453M

Ayala-controlled AC Energy and Infrastructure Corp. is divesting its interest in the 540-megawatt coal-fired power plant in Kauswagan, Lanao del Norte to its partner.

Power Partners and its affiliates agreed to a base selling price of $453.24 million.

The transfer will be implemented in tranches with the purchase price to be paid on a deferred basis.

The transfer of AC Energy’s interest in the GNPK project is part of the group’s plan to rebalance its generation portfolio as it aims to grow its renewable energy assets with a target of achieving at least 5,000 MW of attributable renewable energy capacity by 2025.

“The transaction is aligned with AC Energy’s effort to rebalance its portfolio and to achieve its target of at least 5GW of renewable energy attributable capacity by 2025,” Ayala said.

As part of the agreement, AC Energy will also sell the project site for the GNPK Project to PMR Group Retirement Plan, Inc., the retirement company affiliated with the GNPower companies for $15.9 million.

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