AC Energy Inc. continues to streamline the management of its local power assets as it signed a deed of assignment with AC Energy Philippines Inc. to transfer the rights to purchase the 20 percent ownership stake of Axia Power Holdings Philippines Inc. in South Luzon Thermal Energy Corp. (SLTEC).
The company said in a disclosure to the Philippine Stock Exchange the deal is subject to satisfaction of certain conditions. It did not elaborate.
SLTEC owns and operates a 2×135 megawatts (MW) coal-fired power plant in Calaca, Batangas.
AC Energy is the Ayala Group’s main energy generation development arm while AC Energy Philippines is its recently formed subsidiary assigned to manage all of the group’s local power ventures.
In 2016, Axia Power bought the 20 percent stake in SLTEC from AC Energy and Phinma Energy Corp. – the latter was renamed to AC Energy Philippines when the Ayala Group took over.
AC Energy sold 15 percent stake while Phinma Energy sold a 5 percent stake which brought their current ownership in SLTEC to 35 percent and 45 percent, respectively.