AC Energy Philippines and subsidiary ACE Endevor Inc. signed a shareholders’ agreement with Axia Power Holdings Philippines Corp. for the development, construction and operation of a 150 megawatts diesel power plant project in Pililla, Rizal.
The project which is expected to be operational in the first quarter of 2021, aims to supply peaking and reserve power to the Luzon grid.
Under the agreement Axia will acquire 50 percent of the shares and 50 percent of the economic rights in the company’s subsidiary Ingrid Power Holdings Inc., the special purpose vehicle of the power plant, while AC Energy will hold 50 percent shares and 45 percent of the economic rights, with the remaining 5 percent economic rights reserved for Endevor.
The deal is subject to the approval of the Philippine Competition Commission.
Ingrid and Endevor were among the AC Energy subsidiaries acquired in exchange for shares. As of January 2020, AC Energy has infused P570 million into Ingrid to fund the diesel power plant project.
The Ayala Group has been very active in expanding its power portfolio both in the Philippines and in Asia-Pacific region.
