AC Energy Philippines expects a P20-billion investment is expected to be poured in the company from Arran Investment Pte Ltd., an affiliate of Singapore-based sovereign wealth fund, GIC Private Limited.
The potential deal was made after AC Energy PH’s board approved Arran Investments’ intentions to acquire a 17.5 percent ownership stake in the power firm.
In a disclosure to the Philippine Stock Exchange, the company said the acquisition will be completed provided that AC Energy PH’s stock rights offering and follow-on-offering has been made as well as the infusion of its parent company, AC Energy Inc.’s international business.
Based on equity interest in power generation businesses, the entire AC Energy Group owns approximately 1.8 GW of generation capacity in operations and under construction as it aspires to exceed 5 GW of attributable capacity and generate at least fifty percent of energy from renewables by 2025 and be the largest listed renewables platform in Southeast Asia.
The group has committed to scale up renewable energy investments in the Philippines, Vietnam, India, Australia and Myanmar.