Aboitiz Renewables Inc. has signed a memorandum of understanding (MOU) with BDO Unibank Inc. and San Carlos Sun Power (SacaSun) to buy SacaSun’s P2.88 billion debt.
In a regulatory filing on Tuesday, the holding company of Aboitiz Power Corp. for investments disclosed the transaction.
Sacasun is the joint venture company between ARI and Sun Edison Philippines Helios BV (SunEdison) for the development a 59-megawatt (MW) solar photovoltaic project in San Carlos City, Negros Occidental.
The San Carlos plant is the first joint solar power project since the companies struck a deal in November 2014 to jointly explore, develop, construct and operate up to 300 MW of utility-scale solar power projects in the country over the next three years.
On December 10, 2015, SACASUN signed an Omnibus Loan and Security Agreement with BDO covering up to P3.7 billion to fund the solar project.