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Tuesday, February 12, 2019

Philippines: Geothermal Energy Companies Confirm Consolidation

AC Energy, Phinma Group finalize P6-billion power deal (Philstar Global

AC Energy Inc., the energy platform of the Ayala conglomerate, has finalized a deal with the Phinma Group to acquire the latter’s power business for a total of P6 billion.

In separate disclosures yesterday, Ayala Corp. and Phinma Corp. said they signed the investment agreement last Friday for the acquisition of the 51.48 percent stake in Phinma Energy Corp. by AC Energy.

Upon completion, the transaction will increase AC Energy’s attributable generation capacity by 240 megawatts (MW).

It wholly owns 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 SLTEC and 25 percent of Maibarara Geothermal Inc.

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