Arran Investment, an affiliate of Singapore’s GIC, has paid P$20 billion ($340 million) for a 17.5 percent stake in AC Energy Philippines Inc.
AC Energy is the energy platform of Ayala, one of the largest business groups in the Philippines. The company is planning to exceed 5 gigawatts of renewables capacity and generate at least 50 percent energy output from renewables by 2025.
In 2019, AC Energy’s power portfolio had more than 1.8 gigawatts of capacity in operation and under construction, spanning projects in the Philippines, Indonesia and Vietnam, according to the company’s website. In 2019, AC Energy increased its attributable energy output by 25 percent to 3,500 gigawatt hours, of which 50 percent came from renewable ene
