Philippines: Geothermal Energy Companies Complete Consolidation

AC Energy completes acquisition of Phinma Energy (Philippine Star)

AC Energy Inc., the energy platform of Ayala Corp., has completed the acquisition of Phinma Energy Corp. from the Del Rosario family for P6.3 billion.

In a disclosure to the Philippine Stock Exchange yesterday, AC Energy said it has acquired the combined 51.48 percent stake of Philippine Investment Management (Phinma) Inc. and Phinma Corp. of the Del Rosario family, in Phinma Energy.

Phinma Energy wholly owned Phinma Power Generation Corp., Phinma Renewable Energy Corp., CIP II Power Corp., One Subic Power Generation Corp. and One Subic Oil Distribution Corp.

It also owns 60 percent of Phinma Solar Corp., 50.74 percent of Phinma Petroleum and Geothermal Inc., 30.65 percent of Palawan Exploration and Production Corp., 45 percent of South Luzon Thermal Energy Corp. (SLTEC) and 25 percent of Maibarara Geothermal Inc.

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From the Global Geothermal News archives:

• Tuesday, May 14, 2019 - Philippines: Tender to be Offered to Shareholders of Phinma Petroleum and Geothermal Inc.
• Tuesday, February 12, 2019 - Philippines: Geothermal Energy Companies Confirm Consolidation
• Wednesday, February 6, 2019 - Philippines: Geothermal Energy Companies Join Forces
• Monday, February 4, 2019 - Philippines: Geothermal Developer Launches Green Bond to Fund Renewable Energy Projects