As the Philippines’ oldest conglomerate speeds up investments to be the largest listed renewable energy base in Southeast Asia, AC Energy, a division of Jaime Zobel de Ayala’s Ayala Corporation, who is a billionaire, has agreed to take complete ownership of the Australian renewable energy JV (joint venture).

AC Energy will pay $243 million to partners UPC Renewables Chief Executive Officer Anton Rohner and UPC Renewables Asia Pacific Holdings for the remaining 51.6 percent ownership in UPC/AC Renewables Australia which it does not already hold, according to a statement sent to the Philippine Stock Exchange. AC Energy will control 100% of the venture after the transaction is completed, which is dependent on regulatory clearances including the approval of the Foreign Investment Review Board of Australia.

UPC Renewables and Rohner have also agreed to purchase up to 942 million AC Energy shares at 11.32 pesos apiece, for a total of $210 million (10.7 billion pesos). Based on AC Energy’s current outstanding share capital of 38.2 billion shares, the deal will offer UPC Renewables and Rohner a stake of around 2.5 percent in the company.

In a statement, AC Energy president and CEO Eric Francia said, “This acquisition signals a strategic pivot for AC Energy, as the firm begins on its first entirely owned development and operations beyond the Philippines.” “We are eager to increase investment in our Australia platform as we anticipate the country’s energy transition to accelerate.”

UPC/AC Renewables Australia has produced more than 8,000 megawatts of renewable energy projects in New South Wales, Tasmania, Victoria, and South Australia since its inception in 2018. In New England, it is currently building a 520-megawatt solar farm.

In 2011, AC Energy made its first investments in the Philippines’ power sector, investing in a wind farm in Ilocos Norte, which has a net capacity of about 52MW (Northwind Project), a shareholding in the CFB thermal power facility located in Batangas province with 2 122MW capacity (SLTEC), a 2nd wind farm which is located in Ilocos Norte having a net capacity of about 81MW (North Luzon Renewables), and a partnership that is limited in the coal-fired power facility in Bat (GNPower Dinginin).

It invested in the creation, building, and running of a solar power station in Bais City, Negros Oriental, also known as the Montesol project, in 2015. AC Energy received a Retail Electricity Supplier’s (RES) permit in September 2016, allowing it to sell electricity to end-users in a competitive market. It has signed several agreements for the supply of more than 100MW with various clients and end-users. In the Asia-Pacific area, AC Energy began to invest in various countries.

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