AboitizPower Fully Acquires 59-MW Solar Project in Negros

Aboitiz Power Corp. (AboitizPower) on December 21 said it has acquired full ownership of the 59-megawatt solar project in San Carlos City, Negros Occidental.

In a disclosure to the Philippine Stock Exchange, AboitizPower said its subsidiary, AboitizPower International Pte. Ltd. (AP International) signed a share purchase agreement (SPA) with SunE Solar B.V. for the acquisition of 100-percent equity interest in Sunedison Philippines Helios BV.

The acquisition cost was not disclosed.

AboitizPower’s wholly-owned subsidiary, Aboitiz Renewables Inc., and Sunedison invested in Maaraw Holdings San Carlos, Inc. (Maaraw) and San Carlos Sun Power Inc. (Sacasun) for the San Carlos solar project.

“The SPA paves the way for the divestment by Sune of its participation in the Sacasun project and AboitizPower’s acquisition of all of Sune’s equity interest in the Sacasun project held by its subsidiaries,” said AboitizPower.

It added the offshore execution of the deed of transfer is subject to certain closing conditions under the SPA.