Aboitiz Power International Pte. Ltd. completed the acquisition of the entire stake of SunE Solar B.V. in the 59-megawatt solar power plant in San Carlos City, Negros Occidental.
Aboitiz Power Corp. said AP International and SunE Solar completed the execution of the deed of transfer in the Netherlands following the fulfillment of the closing conditions under the share purchase agreement dated Dec. 20.
“This results in Aboitiz Power owning 100 percent beneficial ownership in the San Carlos Sun Power, Inc. solar project in San Carlos City, Negros Occidental,” it said.
Aboitiz Power, through wholly-owned subsidiary Aboitiz Renewables Inc., signed a joint framework agreement in 2014 to develop solar photovoltaic projects in the Philippines.
Pursuant to the agreement, SunEdison Inc., the ultimate parent company of SunE Solar and SunEdison Philippines, and Aboitiz Renewables invested in Maaraw Holdings San Carlos Inc. and Sacasun for the 59-MW solar project in San Carlos City, Negros Occidental.
The parties signed a compromise agreement to resolve issues that arose from their joint venture companies”•Maaraw and Sacasun due to the filing of bankruptcy of SunEdison.
“The transfer of SunEdison Philippines to AP International 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,” it said. Alena Mae S. Flores
