AC Energy Philippines, Inc. has signed a share purchase agreement with Macquarie Infrastructure Holdings (Philippines) Pte. Ltd., Langoer Investments Holding B.V., and the Government Service Insurance System for the acquisition of their ownership interest in Negros Island Solar Power Inc. (Islasol).
Islasol owns and operates an 80-megawatt (MW) solar farm in Negros Occidental.
“By acquiring a controlling interest in [Islasol], [AC Energy Philippines] will increase its ownership interest in a generating asset with stable cash flows at a reasonable cost,” the listed company said.
It added that the acquisition expands the company’s “strategic objective” to achieve at least 2 gigawatts of attributable renewable energy capacity by 2025.
