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AC Energy buys Solar Philippines unit to speed up planned joint venture

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<div class="embed-wrap"><figure data-feedback="fb:likes,fb:comments"><img src="http://sa.kapamilya.com/absnews/abscbnnews/media/2021/business/01/25/20210125-acenergy-solarphilippines.jpg?ext=.jpg"/><figcaption>AC Energy enters into a joint venture with Solar Philippines to build solar power plants in the Philippines.<em> </em></figcaption></figure></div><p>MANILA - Ayala&#x27;s AC Energy Corp. said Monday it acquired a subsidiary of Solar Philippines Power Project Holdings Inc. (SP) as a way to finalize a joint venture between the two companies to develop solar power projects, mainly in Central Luzon.</p><p>AC Energy said it signed a deed of absolute sale of shares with SP to acquire a 97.6-percent stake in its unit Solar Philippines Central Luzon Corp (SPCLC).</p><p>&quot;The acquisition will allow AC Energy to have a significant ownership interest in SPCLC and is meant to implement the joint venture between AC Energy and SP for the development of solar power projects in the Philippines,&quot; AC Energy said.</p><p>In a separate disclosure, the company said its board approved SPCLC and another subsidiary Santa Cruz Solar Energy Inc. to participate in biddings for electricity supply.</p><p>SPCLC is a vehicle by SP to develop solar farms in Central Luzon, while Santa Cruz Solar operates a 60-megawatt Zambales plant, also within the region.</p><p>AC Energy earlier said it is pursuing two solar plants in <a href="https://news.abs-cbn.com/business/08/19/20/ac-energy-to-develop-2-new-solar-plants-in-central-luzon">Central Luzon</a> -- each with 75-MW capacity which are in Arayat and Mexico, Pampanga and in Palauig, Zambales.</p><p>The company is expanding with investments not just in the Philippines, but also in the Asia-Pacific region to meet its goal of having 5 gigawatts of renewable energy portfolio by 2025.</p><ul class="op-related-articles">	<li><a href="https://news.abs-cbn.com/business/11/12/20/singaporean-fund-gic-to-acquire-175-pct-stake-in-ac-energy-for-p20-b">Singaporean fund GIC to acquire 17.5 pct stake in AC Energy for P20-B</a></li>	<li><a href="https://news.abs-cbn.com/business/10/19/20/ayala-corps-energy-unit-building-second-solar-farm-in-india">Ayala Corp&#x27;s energy unit building second solar farm in India</a></li></ul><div><strong>RELATED VIDEO</strong></div><figure class="op-interactive"><iframe height="315" src="https://www.youtube.com/embed/TLpNLw80QW4?enablejsapi=1" width="560"></iframe></figure><div class="iwantbar">Watch more in <a href="//www.iwantv.com.ph/">iWantv</a> or <a href="//tfc.tv/">TFC.tv</a></div>

<p>Ayala's AC Energy Corp. said Monday it acquired the subsidiary of Solar Philippines Power Project Holdings Inc. (SP) as a way to finalize a joint venture between the two companies to develop solar power projects, mainly in Central Luzon.</p>

Ayala's AC Energy Corp. said Monday it acquired the subsidiary of Solar Philippines Power Project Holdings Inc. (SP) as a way to finalize a joint venture between the two companies to develop solar power projects, mainly in Central Luzon.