The Philippine Competition Commission (PCC) approved of AC Energy Philippines Inc. in full acquisition of the stake of Philippine Investment Alliance for Infrastructure (PINAI) investors in Negros Island Solar Power Inc. (Islasol), which owns and operates an 80 megawatt solar farm in Negros Occidental, for PHP1.1 billion under a share purchase agreement signed in November last year.
The regulator assured the deal would “not likely result in substantial lessening of competition.”
“Completion of the transaction is subject to approval by the Philippine Competition Commission, which was received by the company on Feb. 28,” said AC Energy Philippines.
“By acquiring a controlling interest in Islasol, the company will increase its ownership interest in a generating asset with stable cash flows at a reasonable cost,” added AC Energy.
In addition, PCC also gave a go-signal of AC Energy’s acquisition in San Carlos Solar Energy Inc. (Sacasol), which owns and operates a 45-MW solar farm located in Negros Occidental, operating under the feed-in-tariff (FIT) regime of the Renewable Energy Act.
To be a major player in the renewable energy business, the company pursues acquisition of as many as solar farms available, in addition to the solar projects with combined capacity of 125 MW to its existing portfolio of renewable energy projects. AC Energy Philippines plans to put up a total of 2,000 MW of renewable capacity by 2025.