Philippines-based firm AC Energy Corp (PSE:ACEN), part of Ayala Corp (PSE:AC), has received board approval for the acquisition of the 51.6% stake it does not already own in its Australian clean energy joint venture (JV) with US-based UPC Renewables Group.
The transaction will give the southeast Asian company full ownership of UPC\AC Renewables Australia's 8,000-MW pipeline of solar, wind, pumped hydro and energy storage projects, AC Energy said on Tuesday. The deal also includes the 520-MWp New England solar farm currently under construction in Uralla, New South Wales.
"This transaction marks a strategic pivot for ACEN, as the company embarks on its first wholly-owned development and operations platform outside of the Philippines," the buyer's CEO Eric Francia said.
Under the deal, AC Energy's subsidiary AC Renewables International Pte Ltd will purchase the interests of UPC Renewables Asia Pacific Holdings and UPC\AC chief executive Anton Rohner for USD 243.3 million (EUR 208.75m) in total. The sellers will in turn subscribe to up to 942 million shares of AC Energy at a price of PHP 11.32 (USD 0.22/EUR 0.19) apiece.
The acquisition hinges on regulatory approvals, including receipt of foreign investment clearance in Australia.
Hobart, Tasmania-headquartered UPC\AC Renewables Australia was set up in 2018. The company has developed solar and wind projects in New South Wales, Tasmania, Victoria and South Australia.
AC Energy aims to be the largest listed renewables platform in Southeast Asia, targeting 5,000 MW of renewables capacity by 2025.
(USD 1 = EUR 0.858)
(PHP 10 = USD 0.197/EUR 0.169)
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