General Announcement::ACEPH Signs Share Purchase Agreement with Philippine Investment Alliance for Infrastructure

Issuer & Securities

Issuer/ Manager
AC ENERGY FINANCE INTERNATIONAL LIMITED
Stapled Security
No

Announcement Details

Announcement Title
General Announcement
Date &Time of Broadcast
05-Nov-2019 23:15:49
Status
New
Announcement Sub Title
ACEPH Signs Share Purchase Agreement with Philippine Investment Alliance for Infrastructure
Announcement Reference
SG191105OTHRK2OK
Submitted By (Co./ Ind. Name)
AC Energy, Inc. / Irene Maranan
Designation
Head, Corporate Communications and Sustainability
Effective Date and Time of the event
04/11/2019 00:00:00
Description (Please provide a detailed description of the event in the box below)
AC Energy Philippines, Inc. ("ACEPH"), an affiliate of AC Energy, Inc. ("ACEI"), signed a share purchase agreement with the Philippine Investment Alliance for Infrastructure ("PINAI") for the acquisition of PINAI's 31% effective preferred equity ownership and 15% effective common equity ownership in North Luzon Renewables Energy Corporation ("North Luzon Renewables").

North Luzon Renewables owns and operates an 81 MW wind farm in Pagudpud, Ilocos Norte. It is a joint venture of ACEI, UPC Philippines HoldCo I B.V., Luzon Wind Energy Holdings B.V. (an affiliate of Mitsubishi Corporation), and PINAI. The wind farm started its commercial operations in November 2014.

PINAI is a fund composed of Macquarie Infrastructure Holdings (Philippines) Pte. Limited, Langoer Investments Holding B.V., and the Government Service Insurance System.

The acquisition is subject to the satisfaction of certain conditions precedent, including the approval by the Philippine Competition Commission

ACEPH, a Philippine integrated power solutions company, was founded and incorporated in 1969. One of the early exploration companies in the country, the company has an established power generation portfolio and is a pioneer in the wholesale and electricity market. In June 2019, ACEI acquired a controlling stake in the company.

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About AC Energy

AC Energy is the energy platform of Ayala, one of the largest business groups in the Philippines.

AC Energy is one of the fastest growing energy companies with over $1 billion of invested and committed equity in renewable and thermal energy in the Philippines and around the region.

The company aspires to exceed 5 GW of attributable capacity and generate at least fifty percent of energy from renewables by 2025.

www.acenergy.com.ph