By Myrna M. Velasco
A Netherlands-registered investment arm of Aboitiz Power Corporation has fully acquired shareholdings in affiliate firm San Carlos Sun Power, Inc. (Sacasun) that developed the 59-megawatt peak solar photovoltaic facility in San Carlos City, Negros Occidental.
It has been disclosed to the Philippine Stock Exchange (PSE) that Aboitiz Power now owns 100-percent equity in the solar power asset, previously held under SunEdison Philippines Helios B.V.
The listed firm noted that AP International and SunE Solar B.V. already “completed the execution of the deed of transfer in the Netherlands following the fulfillment of the closing conditions under the share purchase agreement (SPA) dated December 20, 2017.”
The Aboitiz firm said “the SPA and the deed of transfer are subject to approvals from the creditors of SUNE under the secured senior superiority debtor-in-possession credit agreement dated as of April 26, 2016 between SUNE, Deutsche Bank AG New York Branch and the creditors of SUNE.”
SUNE is the parent company of SunE Solar and SunEdison Philippines that became the Aboitiz group’s original partner in developing the San Carlos utility scale solar PV project.
The company reiterated that the firming up of the deal “results to Aboitiz Power Corporation owning 100-percent beneficial ownership” in the Sacasun solar power facility.
AP qualified that “the value of the transaction is based on the parties’ agreed enterprise vaue for SunEdison Philippines and its assets, net of the amount incurred by ARI (Aboitiz Renewables, Inc.) for the acquisition of Sacasun’s loan from BDO.”
ARI is the original Aboitiz Group subsidiary that invested in Maaraw Holdings San Carlos Inc. and Sacasun in the solar farm venture.