Ayala Corp's (AC) power generation unit AC Energy has signed definitive agreements to sell stakes in three hydropower companies for an undisclosed amount.
Under the agreement, AC Energy will sell stakes of QuadRiver Energy, Philnew Hydro Power, and PhilnewRiver to Sta. Clara Group, reported ABS-CBN News.
The Department of Energy has granted several hydropower service contracts to all the three companies.
Prior to the sale, AC Energy owned a 70% stake in the three companies, while Sta. Clara held the remaining interest.
AC Energy's president and chief executive officer (CEO) John Eric Francia was quoted by ABS-CBN News as saying: "AC Energy will first focus on solar and wind development, and could potentially revisit hydro in the future.”
In December 2016, AC Energy acquired Chevron’s geothermal assets in Indonesia and the Philippines. These have improved its position in these markets, as well as that of its renewable energy, reported Dealstreetasia.