AC Energy Corp. said Tuesday it completed the initial acquisition of stakes held by UPC Renewables Asia Pacific Holdings Pte Ltd. and Anton Rohner in UPC-AC Renewables Australia, which is constructing a 520-megawatt solar project.
ACEN said in a disclosure to the stock exchange the first tranche of the acquisition was completed on March 21 with the signing of transfer of agreements.
The aggregate consideration paid for the first tranche was $87.7 million, but the entire transaction involves up to $243.3 million.
“The acquisition of the remaining stake of the company’s joint venture partners in UPC-AC Renewables Australia allows the company to have full ownership and control of the joint venture company, which is currently constructing a 520-MW solar farm in New England, Australia and has a development pipeline of more than 8,000 MW spanning New South Wales, Tasmania, Victoria and South Australia,” ACEN said.
ACEN said that with the transaction, it would gain a high-quality team of some 30 people who have a proven track record of delivering value to the business by being able to find opportunities and new projects.
ACEN signed the agreement with AC Renewables International Pte Ltd., UPC Renewables Asia Pacific Holdings Pte Ltd. and Rohner for the transfer to ACRI of UPCAPH’s 7,150 ordinary shares in UPC-AC Energy Australia (HK) Limited and Rohner’s 1,000,054 ordinary class B shares in UPC Australia (HK) Ltd.
The completion of the second tranche of the acquisition is expected to occur in early 2023.
“The company will wholly-own UPC-AC Renewables Australia upon completion of the second tranche,” ACEN said.
Meanwhile, the executive committee of ACE Enexor Inc. approved the conduct of a follow-on offering that would bring proceeds of up to P876.16 million.
Enexor said in a disclosure to the stock exchange its executive committee, by authority of the board, approved on Monday the conduct of an FOO with a size of up to 74,000,000 shares to be priced at P10 to P11.84 per share.
The committee also approved the submission of applications and other documents that are necessary to implement the FOO with the relevant regulators.
The appointment of the transaction advisors including the joint bookrunners and lead underwriters, counsels and auditors for the review of financial statements, and legal counsels for the preparation of various documents in relation to the FOO were also approved.
The committee also delegated Enexor chairman, John Eric T. Francia, president, Rolando J. Paulino, Jr., and chief finance officer, Maria Corazon G. Dizon, to jointly determine and finalize the terms and conditions of the FOO, including but not limited to, the size, price and schedule thereof, and other documents and appointments/engagements necessary to implement the proposed FOO.
The company owns Palawan55 Exploration & Production Corp. which has a majority interest in Service Contract 55—a deep-water block in the southwest Palawan Basin covering an area of 9,880 square kilometers. The Cinco well is estimated to contain 1.3 trillion to 2.4 trillion cubic feet of gas and 45 million barrels of oil.
