Commission Decision No. 07-M-003/2020:
In the Matter of the Proposed Acquisition by AC Energy Philippines, Inc.
of Shares in Negros Island Solar Power, Inc.
The proposed transaction involves an acquisition by AC Energy Philippines, Inc. (ACEPH) of 100% of the shares of Macquarie Infrastructure Holdings (Philippines) Pte. Limited, Langoer Investments Holding B.V., and Government Service Insurance System in Negros Island Solar Power Inc. (ISLASOL).
ACEPH, a Philippine integrated power solutions company, was founded and incorporated in 1969 and with AC Energy, Inc. acquiring a controlling stake in the company in June 2019. It is the energy platform of Ayala Group.
On the other hand, ISLASOL is primarily engaged in the generation of power using renewable energy sources, in particular, solar energy.
ISLASOL currently owns and operates an operational, stand-alone solar farm with a total capacity of 80MW. The solar farm supplies daytime peak power to the local grid throughout the entire year. ISLASOL currently owns and operates solar farms which are located on the island of Negros with a total capacity of 80MW.