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Friday, March 29, 2024

AC Energy sells all shares in coal plant

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AC Energy Corp. of the Ayala Group approved the sale of all shares from wholly-owned subsidiary South Luzon Thermal Energy Corp. through a so-called energy transition funding for P3.7 billion.

The 244-megawatt coal plant in Calaca, Batangas, is the only coal plant under ACEN’s portfolio.

ACEN disclosed to the Philippine Stock ExchangeTuesday that ETM Philippines Holdings Inc. and The Insular Life Assurance Company Ltd. (InLife) would buy the shares for an aggregate value of P3.7 billion, subject to regulatory approvals.

The company will use the proceeds from the divestment to invest in more renewable energy projects.

EPHI is a special purpose vehicle that allows financial investors to invest in energy transition by accelerating the retirement of coal-fired power plants and funding the development of new clean energy technologies.

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ACEN approved a bridge financing to EPHI to facilitate its investment in SLTEC while providing prospective financial investors a vehicle to participate in energy transition.

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