Negros Island Biomass Holdings Inc. (NIBH) divests all its shareholdings in three biomass-fired power plants in the Visayas to focus on renewable energy. NIBH has signed independent binding agreements to formalize its exit into biomass energy production.
Under the deals, NIBH will sell its equity stake to its partner, the Singapore-based ThomasLloyd CTI Asia Holdings Pte Ltd (ThomasLloyd), which indirectly already owns over 90 percent of the economics of the equity ownership of the biomass-fired power plants. The terms of the sale were not disclosed.
“The divestment of its indirect minority interest allows AC Energy to focus on the expansion of its core solar and wind businesses as it moves towards its goals of reaching 5GW of renewable capacity by 2025 and becoming the largest listed renewable energy platform in Southeast Asia,” the listed company said in its disclosure at the Philippine Stock Exchange.
The Zabaleta group continues to invest in the solar and wind sectors and operates Bronzeoak Clean Energy in the bioenergy sector. Bronzeoak Clean Energy continues to provide management services to ThomasLloyd for the three plants and continues as a bioenergy development and management company.
The acquisition by ThomasLloyd allows it to consolidate fully and further expand the biopower business, moving beyond just the power business and into complementary and ancillary companies. ThomasLloyd now controls the three plants, namely, the 20MW San Carlos BioPower the 25MW North Negros BioPower and the 25MW South Negros BioPower.