The government’s competition watchdog gave the Ayala Company Energy Philippines (ACEPH) the thumbs up in obtaining shares of a company with an energy project in Ilocos Norte, Philippine Wind Holdings Corp. (PhilWind).
ACEPH received a notice from the Philippine Competition Commission (PCC) last Thursday saying the deal was in order, which it bought the shares for P2.7 billion subject to agreed adjustments.
With about P2.7 billion, ACEPH would be acquiring a 26% equity in PhilWind belonging to the Philippine Investment Alliance for Infrastructure (Pinai)- a multi partnership fund established in 2012 by the Asian Development Bank, Dutch pension fund asset manager Algemene Pensioen Groep and Australia’s Macquarie Infrastructure and Real Asset. It allows ACEPH to, directly and indirectly, own about 67% of North Luzon Renewables that houses an 81-megawatt wind farm in Pagudpud, Ilocos Norte.
It quoted in The Philippine Competition Commission (PCC) statement assuring that the agreement “will not likely result in substantial lessening of competition” in the energy sector and that the PCC “[will] take no further action” about it.
ACEPH further stated that the acquisition supports its “strategic objective to be the growth platform” of the AC Energy group in the Philippines, helping to reach the objective of achieving 2 gigawatts of attributable renewable energy capacity by 2025.