Ayala Group’s ACEN is now the full owner of Real Wind Energy Inc’s (RWEI) 500-MW “unicorn” project in Quezon province, following the sale on Wednesday, July 31, by Maraj Energy and Development Corp. of the remaining 60% shares in RWEI.
ACEN, which holds Ayala’s renewable energy portfolio, had purchased early this year the 40% stake in RWEI held by a Bangkok-based partner to Maraj Energy.
“The acquisition price, which considers the price per share, is less than 10% of the book value of the Company as of 31 March 2024,” ACEN said in a subsequent disclosure to the Philippine Stocks Exchange.
If completed, the wind project is forecast to be the largest of its kind in Southeast Asia. It sits astride ACEN’s own Laguna and Quezon wind projects, with a combined capacity of at least 835 MW of electricity. Put together, the three projects solidify ACEN’s position as the country’s, if not the region’s, top wind energy producer.
Some industry experts have dubbed RWEI as a unicorn project on account of its strategic location, wind speed and capacity factor, and accessibility.
While Maraj Energy gave up all of its RWEI board seats under its share purchase agreement with ACEN, it will stay on to assist the latter in completing the project. The ACEN and Maraj Energy deal also included other investment arrangements that they have agreed to keep under wraps.
The RWEI project is Maraj Energy’s first. “Proceeds of the share sale will help fund a sizeable chunk of the eight-year-old Company’s 1,500-MW pipeline of renewable energy projects in Luzon, Visayas, and Mindanao,” said Maraj Energy CEO Mark Alburo.
The company hopes to begin constructing its second project somewhere in Luzon – a floating solar project originally designed to run with a 350-MW capacity – by first quarter of next year, in partnership with a leading large-scale Filipino developer.
