AC Energy, part of Philippines business group Ayala, has acquired a 97.6% stake in Solar Philippines Central Luzon (SPCLC) from Solar Philippines Power Project Holdings to form a joint venture to develop solar power projects in central Luzon, Philippines.

AC Energy said that SPCLC and another of its subsidiaries, Santa Cruz Solar Energy Inc, would bid for electricity supply.

SPCLC is a special purpose firm for the development of solar power projects in central Luzon. Santa Cruz Solar operates a 60 megawatts (MW) Zambales plant within the same region.

Energy expert John Yeap at Pinsent Masons, the law firm behind Out-Law, said: “Ayala was a relatively late entrant into the Philippines power sector when compared with, say, Aboitiz or San Miguel. This platform with Solar Philippines however positions them well in the RE sector with an operating portfolio and good pipeline of development projects.”

AC Energy in August announced to build to solar plants in central Luzon with a combined capacity of 150 MW. It aims to reach five gigawatts (GW) of installed renewables capacity by 2025.

Singapore's GIC in January acquired a 17.5% stake in AC Energy for around P20 billion.