MANILA, Philippines – AC Energy Holdings Incorporated is expected to seal another investment deal involving renewable energy (RE) soon.
The power arm of Ayala Corporation is currently working on another acquisition which would be finalized in the next few weeks, according to AC Energy president John Eric Francia.
“We are in the middle of discussions. We can’t disclose it because it’s not final yet, but we’re in the midst of a final transaction,” he said on the sidelines of an event in Makati City on Wednesday, January 18.
“We are building up our RE platform so we’re looking for acquisitions in the Philippines.”
Francia added that the company is still on the lookout for other potential acquisitions.
“It’s not hydro, but basically we’re looking to further scale in renewables. We’re getting traction in Indonesia, but we’d like to scale up more in the Philippines so we’re going to do more RE development here in the Philippines,” he said.
Last week, AC Energy signed investment agreements with UPC Renewables Indonesia Limited for the development, construction, and operation of a wind farm project in Sidrap, South Sulawesi, Indonesia that will cost $150 million. (READ: Ayala to build, operate $150-M Indonesia wind farm)
The project will be developed through PT UPC Sidrap Bayu Energi, a special purpose company based in Indonesia.
It is the first greenfield offshore investment of AC Energy through its affiliate AC Energy International Holdings Private Limited, a Singapore private limited company.
The Sidrap Project will be funded through equity and project financing to be provided by the Overseas Private Investment Corporation, the US government’s development finance institution, and PT Bank Sumitomo Mitsui Indonesia, the Indonesian subsidiary of the Sumitomo Mitsui Banking Corporation of Japan.
UPC Renewables and AC Energy Holdings are two of the owners of North Luzon Renewable Energy Corporation, the owner and operator of the 81MW Caparispisan wind farm project in Pagudpud, Ilocos Norte.
“We are still active. We’re not stopping. We’re still on active lookout for potential acquisition,” Francia said.
The two latest acquisitions are major milestones for AC Energy, as these scale up its RE platform and establish its presence in Indonesia.