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Clifford Chance advises AC Energy on the restructuring and sale of its thermal interest to Aboitiz Power

22 May 2019

Clifford Chance advises AC Energy on the restructuring and sale of its thermal interest to Aboitiz Power

Clifford Chance Amsterdam acted as tax and legal counsel in the Netherlands on the partial sale of AC Energy, Inc.’s (AC Energy) thermal interest as part of a restructuring of Ayala Corporation's energy business.

AC Energy, Ayala’s energy platform, completed the sale of its 49% voting interest with 60% economic interest in AA Thermal, Inc. through its wholly owned subsidiary Arlington Mariveles Netherlands Holding B.V. to Aboitiz Power Corporation. Clifford Chance advised on AC Energy’s restructuring and the sales transaction.

AA Thermal's assets initially consist of AC Energy's limited partnership interests in a 2x316-megawatt coal-fired power generation plant of GNPower Mariveles Coal Plant Ltd. Co. and a 2x668-megawatt supercritical coal-fired power generation plant of GNPower Dinginin Ltd. Co. The transaction value of the sale amounted to USD 572.9 million, in relation to which transaction closing occurred on 15 May 2019.

Our Amsterdam tax team was led by Michiel Sunderman and furthermore consisted of Robin Houtveen and Rocco Ijsselmuiden, while Serkan Özel assisted on corporate notary matters.