AC Energy Corp. approved the acquisition of its partners’ stake in Northwind Power Development Corp. and all the Philippine operating and development assets of UPC Philippines Wind Investment Co. B.V.
ACEN will increase its stake in Northwind to 100 percent through the acquisition of the 32.2 percent interest of its partners, Northwind sellers for a total consideration of up to P1.093 billion, subject to adjustments.
The Northwind sellers, in turn, will subscribe to up to 90 million shares of ACEN at a subscription price of up to P11.32 per share, subject to adjustments.
Known as the Bangui windmills, NorthWind is the first wind farm in Southeast Asia that started commercial operations in 2005. The Bangui Windmills was also the first renewable energy project of ACEN.
ACEN will also acquire the ownership of UPC Philippines and Stella Marie Sutton in various energy companies, including all of UPC Philippines’ interests in North Luzon Renewables, Bayog Wind Power Corp. and various renewable energy projects under development.
ACEN will purchase these assets for a total consideration of up to P4.5 billion, subject to adjustments. UPC Philippines, in turn, will subscribe to up to 390 million shares of ACEN at a subscription price of up to P11.32 per share, subject to adjustments.
