Singapore’s GIC has agreed to inject about Php20bn (€351m) into AC Energy Philippines for a 17.5% stake.

The board of AC Energy has approved the acquisition by Arran Investment, an affiliate of the sovereign wealth fund.

Arran will make the investment by acquiring AC Energy shares at Php2.97 each, in a deal which represents a 25% premium to the board-approved rights offering price of Php2.37 per share, AC Energy said.

AC Energy, the energy platform of Ayala Group, ranks as one of the Philippines’ fastest-growing energy companies with US$2bn (€1.7bn) of invested and committed equity in renewables, including solar farms, and thermal energy in the Philippines, Indonesia and Vietnam.

To read the digital edition of the latest IPE Real Assets magazine click here.