Aboitiz Power Corp. (AboitizPower) plans to invest USD 11.85 million to acquire a 60% stake in a company developing a 191-megawatt (MW) solar power project with battery energy storage in Bukidnon, according to separate disclosures to the Philippine Stock Exchange on Tuesday.

Aboitiz Renewables, Inc. (ARI), a wholly owned subsidiary of AboitizPower, has entered into a joint development and investment agreement with Manolo Fortich Power Corp. (MFPC). MFPC is a subsidiary of ABC Energy, Inc., the wholly owned energy investment arm of A Brown Company, Inc. (ABCI).

ARI to acquire 60% MFPC stake for USD 11.85 million

Under the agreement, ARI will subscribe to newly issued shares of MFPC, giving it a 60% equity interest in the company, while ABC Energy will retain the remaining 40%.

The proposed investment involves an initial subscription of 3.75 million common shares at USD 0.0157 each, equivalent to USD 0.059 million.

Following an increase in MFPC's authorized capital stock, ARI will subscribe to 74.625 million redeemable preferred shares at USD 0.157 apiece, amounting to USD 11.72 million. The combined subscriptions amount to USD 11.85 million.

What the partners bring to the project

"The partnership is expected to bring to the project the capital, construction, and operating capabilities of AboitizPower," ABCI said.

The company said the agreement aligns with its "strategy of developing greenfield energy projects and partnering with established industry players for their construction and operation."

The proposed development involves a solar power facility with an integrated battery energy storage system in Bukidnon.

Open questions on cost and timetable

The companies have yet to disclose the project's total development cost, construction timetable, and target commercial operation date.

About the parties

ABCI is a Cagayan de Oro City-based holding and real estate development company with investments in agribusiness, energy generation, and mining.

ARI operates 45 renewable energy facilities nationwide and has a development pipeline of more than 1,000 MW across solar, hydro, and wind projects.

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