MANILA -- PHINMA announced that, subject to adjustments, it is selling PHP3.42 billion worth of its shares in PHINMA Energy to Ayala Corporation's energy unit AC Energy.
AC Energy also stated that it intends to subscribe to approximately PHP2.632 billion worth of PHINMA Energy primary shares.
“PHINMA and Ayala have always enjoyed a strong partnership, making this agreement a welcome culmination of our joint initiatives in the energy sector, as we believe AC Energy is best-positioned to grow the business and take it to the next level. This strategic move likewise allows PHINMA to focus on our rapidly expanding investments and operations in the education and construction materials sectors,” PHINMA president and chief executive officer (CEO) Ramon del Rosario Jr. said in a statement Wednesday.
Prior to this deal, the two energy firms already partnered in 2011 for the construction and operation of the 244-megawatt coal power plant in Calaca, Batangas.
According to AC Energy president and CEO Eric Francia, this transaction supports the company’s goal to achieve a five-gigawatt capacity of renewable energy 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,” Francia said.
“PHINMA was one of our early partners when Ayala was new to the power sector. This partnership has prospered over the last eight years and we welcome the opportunity to now integrate PHINMA Energy into AC Energy’s platform as we grow our presence in the power generation sector,” Ayala Corp. Chairman and CEO Jaime Augusto Zobel de Ayala added.
PHINMA Energy has a total generation capacity of 472 megawatts. AC Energy, on the other hand, has generation capacity of 1.7 gigawatts both in operation and under construction. (PNA)
