The two started a partnership for a 244MW coal power plant in 2011.
AC Energy, the energy unit of Philippine conglomerate Ayala Corporation, bought a 51.48% stake in listed firm PHINMA Energy Corporation (PHEN) for $65.44m.
According to an announcement, AC Energy also subscribed to 2.632 billion PHEN primary shares.
The two started a partnership in 2011 for the development, construction and operations of a 244MW net capacity coal power plant in Calaca, Batangas under South Luzon Thermal Energy Corp.
AC Energy president and CEO Eric Francia noted that this will support the company’s goal of 5GW of renewables by 2025. “The PHINMA Energy platform has significant operating and developmental renewable energy assets, and its large diesel capacity will complement the scaling-up of our renewable projects," he added.
PHINMA Energy has an attributable generation capacity of 472MW and is the third largest stand-alone retail electricity supplier, serving 378MW of customer demand.
ING acted as exclusive financial advisor for PHINMA in this transaction.
Amidst its goal to expand its renewables portfolio, AC Energy also bought a 25% stake in Singapore-based wind project developer The Blue Circle to co-developed 1,500MW of wind projects in Southeast Asia.
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