Ayalas divest interest in Lanao coal project
AC Energy and Power Partners Ltd. Co. has sold its interest in the 4×135 megawatt coal-fired power project in Kauswagan, Lanao del Norte in favor of its partner.
Power Partners Ltd. is AC Energy’s existing developer-partner in the GNPK project.
The transfer will be implemented in tranches, with the final transfer price to be agreed upon by the parties at a later date after taking into account agreed adjustments.
AC Energy said the transfer is subject to satisfaction of certain conditions precedent, including approvals by the Philippine Competition Commission and the project’s lenders.
The divestment is part of AC Energy’s plan to rebalance its generation portfolio as it aims to grow its renewable energy assets to at least 5 gigawatts by 2025.