AC ENERGY Philippines Inc. (Aceph), the power unit of the Ayala Group, signed a P2.78 billion share purchase agreement to own a controlling stake in San Carlos Solar Energy Inc. (Sacasol) in Negros Occidental.

Aceph is acquiring the ownership interest from the Philippine Investment Alliance for Infrastructure (Pinai).

The listed power firm signed the agreement with Macquarie Infrastructure Holdings (Philippines) Pte. Ltd., Langoer Investments Holding B.V. and the Government Service Insurance System (GSIS), the investors forming the Pinai.

Sacasol owns and operates a 45 megawatt solar farm located in Negros Occidental. The solar farm is operating under the feed-in-tariff (FIT) regime of the Renewable Energy Act.

“By acquiring controlling interest in Sacasol, the company will increase its ownership interest in a generating asset that is operating under the FIT system of the Renewable Energy Act,” Aceph told the stock exchange Tuesday, Dec. 3, 2019.

The acquisition boosts the firm’s strategic objective to achieve at least 2 gigawatt of attributable renewable energy capacity by 2025.

Under the agreement which is still subject to approval by the Philippine Competition Commission, Pinai investors will sell all of their shares of stock in Sacasol to Aceph. The completion of transaction is expected by March 2020.

The San Carlos solar plant is one of the major renewable energy projects in the Visayas region. (CSL)