February 19 (Renewables Now) - AC Energy Inc on Wednesday announced that it can proceed with the acquisition of a majority stake in a 45-MW solar power facility on the island of Negros, the Philippines, after the country's competition commission cleared the deal.
The regulator decided on February 13 that the transaction would not hurt competition, the company said.
The decision comes after the signing of an agreement between AC Energy and investors in San Carlos Solar Energy Inc, which owns and operates the solar asset, in November. Then, the company agreed to buy the share of Macquarie Infrastructure Holdings (Philippines) Pte Ltd, Langoer Investments Holding BV and the Government Service Insurance System in the solar park for about PHP 2.772 billion (USD 54.8m/EUR 50.7m).
The solar farm, located in the Negros Occidental province, benefits from the feed-in-tariff (FIT) regime under the Renewable Energy Act. The acquisition is part of AC Energy's plans to reach at least 2 GW of attributable renewable energy capacity by 2025.
AC Energy is part of Philippine conglomerate Ayala Corp (PSE:AC).
(PHP 10. 0 = USD 0.198/EUR 0.183)