Ayala-led AC Energy Corporation has unloaded its interest in three biomass power projects, which had been its joint venture with the Zabaleta group in the Visayas grid.
The company announced that it divested its equity in project corporate vehicle Negros Island Biomass Holdings Inc. (NIBH) to Singapore-based partner ThomasLloyd CTI Asia Holdings Pte. Ltd.
“Thomas Lloyd now has full control of the three plants – namely: the 20-megawatt San Carlos Biopower, the 25MW Northern Negros and the 25MW South Negros Biopower,” AC Energy has stipulated in its disclosure to the Philippine Stock Exchange.
AC Energy said binding agreements relative to its shareholdings divestment had already been inked with relevant parties. Prior to this deal, Thomas Lloyd already had 90% equity ownership in the biomass projects.
The value of the transaction as well as the terms of the sale had not been revealed by NIBH or AC Energy; and they just indicated that this needs to satisfy specified conditions prior to deal closing.
“The acquisition by ThomasLloyd allows it to fully consolidate and further expand the biopower business, moving beyond just the power business and into complementary and ancillary businesses,” AC Energy expounded.
In turn, AC Energy noted that the divestment of its indirect minority interest in the biomass ventures will enable it “to focus on the expansion of its core solar and wind businesses.”
That is in line with the company’s investment goal to concretize the build up of 5,000 megawatts of renewable energy capacity by 2025 – not just in the Philippines but on its preferred markets in the Asia Pacific region.
The Ayala group is already solidifying its investment footholds in Australia, India and Vietnam; while advancing parallel RE project developments in the domestic energy market.
In the case of the Zabaleta group, it carries on with targeted investments on wind and solar farm developments; while its bioenergy firm Bronzeoak Clean Energy will continue to provide development and management services to the three biomass facilities.