AC Energy Holdings Inc., a wholly-owned subsidiary of Ayala Corporation (AC), signed definitive agreements to sell its ownership stake in three hydropower companies to Sta. Clara Group Inc.
The company said on Tuesday it signed definitive documents to sell its entire 70 percent ownership stakes in each of the subsidiaries.
In a disclosure to the Philippine Stock Exchange (PSE) on Tuesday, parent Ayala Corp. said it is selling its ownership stakes in QuadRiver Energy Corporation, Philnew Hydro Power Corporation, and PhilnewRiver Corporation to Sta. Clara. The transaction amount was not disclosed.
The three companies are operating hydropower service contracts with the Department of Energy.
Prior to the sale, AC Energy held 70 percent of the outstanding capital stock of each of the Hydro Companies, with Sta. Clara owning 30 percent.
The transaction is part of the reorganization of the Ayala’s power interests after it won the bid for Chevron’s Indonesia and Philippine geothermal assets last month.
AC Energy will now focus on its thermal, wind and solar power generation assets.
Ayala and its subsidiaries hold a 40-percent equity interest in the Philippine Geothermal Production Company Inc., which operates the Tiwi and Mak-Ban geothermal field in Southern Luzon and supplies power plants with a combined boilerplate capacity of around 700 MW.