AC Energy Corporation (ACEN), Ayala group’s listed energy platform, announced the Board’s approval to acquire the remaining 51.6% stake in UPC\AC Renewables Australia joint venture.
This transaction will raise ACEN’s ownership in the renewables development platform to 100%. ACEN, through its subsidiary AC Renewables International Pte Ltd, will acquire the interest of its joint venture partner UPC Renewables Asia Pacific Holdings and Mr. Anton Rohner (“the Sellers”) in UPC\AC Renewables Australia for a total consideration of US$ 243.3 million, subject to adjustments, said the company statement.
“This transaction marks a strategic pivot for ACEN, as the company embarks on its first wholly owned development and operations platform outside of the Philippines”, said Eric Francia, ACEN President and CEO. “We are excited to scale up investment in our Australia platform, as we expect the country to accelerate its energy transition.”
The transaction includes the 520 MWp New England Solar Farm, currently under construction. The platform has over 8,000 MW of renewables pipeline across solar, wind, pump hydro, and energy storage technologies in Australia.
“The strong partnership with ACEN has flourished over the years. We welcome the opportunity to integrate the UPC Australia platform in ACEN’s growing renewable portfolio in the region,” said Brian Caffyn, CEO and Founder of UPC Renewables. “The joint initiatives we have established in the renewable energy sector is a testament to what the teams can bring together and take ACEN to the next stage of growth,” added Caffyn.