Ayala’s ACEN Corporation has entered into a share purchase agreement with Havilah AAA Holdings Corporation and Sungrow Power Renewables Corporation. Havilah AAA Holdings Corporation is a company that owns a 60 MWp solar power plant in Pangasinan.
ACEN’s Philippine Stock Exchange, (PSE) reports that the agreement includes the sale and purchase by Sungrow and Havilah of their shares and/or subscription right in SSPC, Sinocalan Solar Power Corp to ACEN.
SSPC was the developer of the Pangasinan 60-MWp solar power station.
ACEN disclosed that the acquisition would be completed by December 15, 2022, subject to certain conditions precedent. ACEN will acquire SSPC as a wholly-owned subsidiary. This will give ACEN 60 MW of additional renewable energy capacity.
ACEN Corporation has also invested Php 271.48 Million through a subscription to shares in a special-purpose vehicle that will create a Cagayan solar project.
