AboitizPower Corp has recently completed its takeover for a 59-megawatt solar project in the Philippines after acquiring the full interest stakes in SunEdison Philippines BV, its local solar joint venture partner.
The two entered a joint venture In 2014 when AboitizPower, through its wholly-owned subsidiary, Aboitiz Renewables Inc entered into a joint framework agreement to develop solar photovoltaic projects in the Philippines.
This current Share Purchase Agreement (SPA) however will be made between the company’s wholly-owned subsidiary AboitizPower International (AP International) and the parent company of SunEdison Philippines BV – SunE Solar BV.
Under the agreement, AP International will take ownership of all the issued and outstanding shares of SunEdison Philippines, which holds a 40 percent equity interest each in Maaraw Holdings San Carlos Inc and San Carlos Sun Power Inc (Sacasun).
The transfer of SunEdison Philippines to AboitizPower completes the divestment by SUNE of its participation in the Sacasun project and AboitizPower’s acquisition of all of SUNE’s equity interest in the Sacasun project held by its subsidiaries.
According to AboitizPower, the transaction which result in the company owning all the issued and outstanding shares of SunEdison Philippines will help increase AboitizPower’s beneficial ownership interest in these entities to 100 percent.
AboitizPower said the offshore execution of the Deed of Transfer is subjected to certain closing conditions under the deal.
The value of the accord is based on the agreed enterprise value of both parties for SunEdison Philippines and its assets, net of the amount incurred by Aboitiz Renewables, Inc. (ARI) for the acquisition of Sacasun’s loan from BDO.