AC Energy Corp has divested of biomass power companies in Negros, the Philippines, to focus on expanding its solar and wind portfolio.
In a disclosure to the Philippine Stock Exchange, The Philippine Star reported, AC Energy said its joint venture with the Zabaleta Group, Negros Island Biomass Holdings, signed binding agreements to divest its shareholdings in three biomass-fired power plants in Visayas.
Under the deal, NIBH will sell its equity stake to its partner, Singapore-based ThomasLloyd CTI Asia Holdings. The terms of the sale were not disclosed.
The divestment of its interest in the biomass plants allows AC Energy to focus on expanding its core solar and wind businesses as it moves toward its goal of reaching 5 GW of renewable capacity by 2025 and becoming the largest listed renewable energy platform in Southeast Asia.
With the acquisition, ThomasLloyd now has full control of the three biomass facilities. The transaction also enables ThomasLloyd to fully consolidate and further expand its biopower business.