Philippines: AC Energy eyes another renewable energy investment

Philippines: AC Energy eyes another renewable energy investment

AC Energy Holdings Incorporated is expected to seal another investment deal
involving renewable energy (RE) soon.

The power arm of Ayala Corporation is currently working on another
acquisition which would be finalized in the next few weeks, according to AC
Energy president John Eric Francia.

"We are in the middle of discussions. We can't disclose it because it's not
final yet, but we're in the midst of a final transaction," he said on the
sidelines of an event in Makati City on Wednesday, January 18.

"We are building up our RE platform so we're looking for acquisitions in the
Philippines."

Francia added that the company is still on the lookout for other potential
acquisitions.

"It's not hydro, but basically we're looking to further scale in renewables.
We're getting traction in Indonesia, but we'd like to scale up more in the
Philippines so we're going to do more RE development here in the
Philippines," he said.

Last week, AC Energy signed investment agreements with UPC Renewables
Indonesia Limited for the development, construction, and operation of a wind
farm project in Sidrap, South Sulawesi, Indonesia that will cost $150
million. (READ: Ayala to build, operate $150-M Indonesia wind farm)

The project will be developed through PT UPC Sidrap Bayu Energi, a special
purpose company based in Indonesia.

It is the first greenfield offshore investment of AC Energy through its
affiliate AC Energy International Holdings Private Limited, a Singapore
private limited company.

The Sidrap Project will be funded through equity and project financing to be
provided by the Overseas Private Investment Corporation, the US government's
development finance institution, and PT Bank Sumitomo Mitsui Indonesia, the
Indonesian subsidiary of the Sumitomo Mitsui Banking Corporation of Japan.

UPC Renewables and AC Energy Holdings are two of the owners of North Luzon
Renewable Energy Corporation, the owner and operator of the 81MW
Caparispisan wind farm project in Pagudpud, Ilocos Norte.

"We are still active. We're not stopping. We're still on active lookout for
potential acquisition," Francia said.

The two latest acquisitions are major milestones for AC Energy, as these
scale up its RE platform and establish its presence in Indonesia.

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Link to Original Article:
http://www.rappler.com/business/158870-ac-energy-renewable-investment-philip
pines

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John Diecker
APT Consulting Group Co., Ltd.

www.aptthailand.com