Ayala reported on Friday (March 17) that its wholly-owned subsidiary AC Energy Holdings Inc has signed definitive documents to acquire 100 per cent ownership of BCE including renewable energy generation firm San Carlos Clean Energy (SCCE).
Financial details are not disclosed. With the acquisition, SCCE and BCE have been renamed as AC Energy DevCo Inc, and Visayas Renewables Corp, respectively.
The latest deal follows recent investments made by AC Energy on power generation space, like its acquisition of Chevron’s geothermal assets in Indonesia and the Philippines last December, and securing a controlling stake in NorthWind Power Development Corp last November, increasing it from 17.79 per cent to 67.79 per cent.
All these investments are aligned with Ayala’s goal of achieving a total 2,000-megawatt capacity by 2020.
AC Energy president and CEO Eric Francia said the BCE acquisition strengthens AC Energy’s development capabilities. It also provides management and operations platform that has a track record of successful project development.
“Bronzeoak is a leading developer of renewable energy projects, and there is so much complementarity between our groups. With this strong platform, I believe that AC Energy can scale up its renewable energy portfolio to 1,000MW by 2020,” Francia said.
BCE as a clean energy platform, currently provides operations and management support services to a number of renewable energy generation companies such as San Carlos Solar Energy Inc, Negros Island Solar Energy Inc, Monte Solar Energy, Inc, San Carlos BioPower Inc, South Negros BioPower Inc, and North Negros BioPower Inc.