AboitizPower takes full control of solar project

A UNIT of AboitizPower Corp., the power arm of conglomerate Aboitiz Equity Ventures, Inc., has taken full ownership of a 59-megawatt (MW) solar project in San Carlos City, Negros Occidental.

AboitizPower International Pte. Ltd. struck a Share Purchase Agreement (SPA) with SunE Solar B.V. for the acquisition of 100 percent equity interest in Sunedison Philippines Helios BV, the company informed the Philippine Stock Exchange (PSE) on Wednesday.

Under the deal, AP International will own 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.

The SPA paves the way for the divestment by SunEdison, Inc. (SUNE) of its participation in the Sacasun project and AboitizPower’s acquisition of all the latter’s equity interest in the Sacasun project held by its subsidiaries.

AboitizPower said the offshore execution of the Deed of Transfer is subject to certain closing conditions under the deal.

The value of the accord is based on the parties’ agreed enterprise value 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.

The SPA and the Deed of Transfer are subject to approvals from SUNE’s creditors under the Secured Senior Superpriority Debtor-in-Possession Credit Agreement dated as of April 26, 2016 between SunE, Deutsche Bank AG New York Branch, and the creditors of SUNE.

In 2014, AboitizPower, through ARI, entered into a joint framework agreement to develop solar photovoltaic ( PV) projects in the country.

SunEdison Inc., the ultimate par - son Philippines, and ARI invested in Maaraw and San Carlos companies for the solar project in the province.

The parties then struck a Compromise Agreement to settle issues which arose from Maaraw and Sacasun, their joint venture entities.

SunE Solar and its wholly owned subsidiary SunEdison Philippines, located in the Netherlands, provide solar energy services.