AboitizPower ready to take over Negros solar power project

AboitizPower ready to take over Negros solar power project
The 59-megawatt peak (MWp) solar photovoltaic power generation project is seen to be one of the largest solar power projects in the Philippines to date

MANILA, Philippines – Aboitiz Power Corporation (AboitizPower) is set to take over the 59-megawatt (MW) solar power project in Negros Occidental, after it executed the deed of transfer overseas.

The listed firm on Tuesday, January 2 told the local bourse that Aboitiz Power International Private Limited (AP International) and SunE Solar B.V. completed the execution of the deed of transfer in the Netherlands, after it fulfilled closing conditions of the share purchase agreement (SPA) last December 20.

“This results to AboitizPower owning 100% beneficial ownership in the San Carlos Sun Power Incorporated (Sacasun) solar project in San Carlos City, Negros Occidental,” the firm said in the disclosure.

AP International is a subsidiary of AboitizPower, while SunEdison Philippines is a unit of SunE Solar. (LOOK: First half core profit of Meralco and AboitizPower)

The deal entitles AP International to own all issued and outstanding shares of SunEdison Philippines, which holds a 40% equity interest each in Maaraw Holdings San Carlos Incorporated and San Carlos Sun Power Incorporated (Sacasun).

Back in 2014, AboitizPower, through subsidiary Aboitiz Renewables Incorporated, entered into a joint framework deal to build solar photovoltaic projects here in the country.

Missouri-based renewable energy company SunEdison Incorporated (SUNE) and Aboitiz Renewables had invested in Maaraw and Sacasun for the 59-MWp solar project in San Carlos City in Negros Occidental.

The transfer of SunEdison Philippines to AboitizPower seals the divestment by SUNE of its participation in the Sacasun project.

“The transaction has resulted in AP International owning all the issued and outstanding shares of SunEdison Philippines, which owns a 40% equity interest in each of Maaraw and Sacasun, and increasing AboitizPower’s beneficial ownership interest in these entities to 100%,” the listed firm said.

The Netherlands execution of the deed of transfer is still subject to certain closing conditions under the deal. – Rappler.com

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