AboitizPower Corp has completed its takeover of a 59-megawatt solar project in the Philippines after acquiring 100% equity interest in SunEdison Philippines BV, its local solar joint venture partner, the company informed the Philippine Stock Exchange (PSE) on Tuesday.
AboitizPower said its wholly owned subsidiary AboitizPower International (AP International) struck a Share Purchase Agreement (SPA) with SunE Solar BV, the parent company of SunEdison Philippines BV, for the acquisition of 100% equity interest in its local joint venture.
Under the deal, AP International will own all the issued and outstanding shares of SunEdison Philippines, which holds a 40% equity interest each in Maaraw Holdings San Carlos Inc and San Carlos Sun Power Inc (Sacasun).
It was in 2014 when AboitizPower, through its wholly owned subsidiary, Aboitiz Renewables Inc, entered into a joint framework agreement to develop solar photovoltaic projects in the Philippines.
Subsequently, US-based renewable energy firm SunEdison Inc (SUNE) and Aboitiz Renewables invested in Maaraw and Sacasun for the 59-MWp solar project in San Carlos City, Negros Occidental.
The transfer of SunEdison Philippines to AboitizPower completes 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.
AboitizPower said the transaction has resulted in it “owning all the issued and outstanding shares of SunEdison Philippines”, which owns a 40% equity interest in each of Maaraw and Sacasun, and “increases AboitizPower’s beneficial ownership interest in these entities to 100%” .
The offshore execution of the deed of transfer is subject to certain closing conditions under the deal, the company said.
AboitizPower Corp is the power arm of conglomerate Aboitiz Equity Ventures Inc.