AC Energy, Inc. is taking control of Phinma Energy Corp. through a “mutually strategic agreement” that gives the Ayala-led company a 51.48% stake in the listed energy firm for P3.42 billion.In a joint statement on Wednesday, the two groups said the Ayala’s energy platform will acquire the combined stake of Phinma Corp. and its parent Philippine Investment Management, (Phinma) Inc. in Phinma Energy subject to regulatory approvals.
Phinma Energy holds interests in the following entities: Phinma Power Generation Corp. (100%); Phinma Renewable Energy Corp. (100%); and Maibarara Geothermal, Inc. (25%).
In early 2017, AC Energy and its partners have sealed the purchase and acquisition of Chevron’s geothermal assets and operations in Indonesia. They were acquired through Star Energy Geothermal (Salak-Darajat) B.V., the joint venture firm of AC Energy (with 19.8 percent economic stake), Star Energy Group Holdings Pte. Ltd., Star Energy Geothermal Pte. Ltd. and Electricity Generating Public Co. Ltd.