Philippines’ Ayala buys $65.5 mln stake in Phinma Energy

Filipino renewable energy to electronics company Ayala Group has bought a 51.48 percent stake in power generation to renewable energy company Phinma Energy Corp. to boost its energy business and help reach its renewables goals.

AC Energy Holdings Inc., a subsidiary of Ayala Corp., inked an agreement to buy the majority stake in Phinma Energy via a secondary share sale for 3.42 billion pesos ($65.5 million).

In addition, AC Energy will subscribe to around 2.63 billion Phinma Energy primary shares at par value. Phinma said the that the deal will allow it to focus on the construction materials and education sectors.

AC Energy said that the move strengthened its drive to achieve 5 gigawatts of renewable energy assets by 2025.