AC Energy Corp. said it is acquiring the remaining 51.6 percent stake of its partners in the UPC\AC Renewables Australia joint venture, UPC Renewables Asia Pacific Holdings and Anton Rohner, for $243.3 million.
ACEN, through its subsidiary AC Renewables International Pte. Ltd. will acquire the interests.
The selling partners will in turn subscribe to up to 942 million common shares of AC Energy at a subscription price of P11.32 per share.
AC Energy said both acquisitions are subject to “adjustments,” which it did not ellaborate.
The acquisition of interest in UPC/AC Renewables will be subject to pre-agreed conditions, and consents and regulatory approvals, including the consent or non-objection of the Foreign Investment Review Board of Australia, AC Energy said.
“This transaction marks a strategic pivot for AC Energy, as the company embarks on its first wholly owned development and operations platform outside of the Philippines. We are excited to scale up investment in our Australia platform, as we expect the country to accelerate its energy transition”, said Eric Francia, AC Energy president.
Since its formation in 2018, UPC\AC Renewables Australia has developed over 8,000 MW of renewable energy pipeline across New South Wales, Tasmania, Victoria, and South Australia and is currently constructing the 520 MW New England Solar Farm.
