2 May 2019 – AC Energy, Ayala’s energy platform, completed the sale of a 49% voting interest with 60% economic interest in AA Thermal, Inc. to Aboitiz Power Corporation (“AboitizPower”). The parties signed a Share Purchase Agreement on September 26, 2018 (the “SPA”) between AboitizPower (as buyer) and Arlington Mariveles Netherlands Holding B.V. (as seller), a wholly-owned subsidiary AC Energy. The transaction value is at USD 572.9 million after applying agreed adjustments pursuant to the SPA.
The closing of the transaction follows the completion of all conditions, including the approval of the Philippine Competition Commission, which was granted in February.
AA Thermal has ownership interest in the 2 x 300 MW coal-fired power plant in Mariveles, Bataan owned by GNPower Mariveles Coal Plant Ltd. Co., which has been in operations since 2014, and in the 2 x 600 MW supercritical coal-fired power plant in Dinginin, Bataan owned by GNPower Dinginin Ltd. Co., which is currently under construction.
(L-R) Aboitiz Equity Ventures Chief Legal Officer Manuel Colayco; AboitizPower Chief Finance Officer Liza Luv Montelibano; AboitizPower Executive Vice President and Chief Operating Officer Manny Rubio; AboitizPower Chief Investment Officer Robert McGregor; AC Energy Chief International Advisor Patrice Clausse; AC Energy President and Chief Executive Officer Eric Francia; AC Energy Chief Finance Officer Cora Dizon; AC Energy Head of Legal and Regulatory Dodjie Lagazo.