MANILA – Ayala Corp on Monday said its unit bought a controlling stake in a California-based solar power firm, as it continued to expand its renewable energy business.
ACI Solar Holdings, a subsidiary of AC Industrials, raised its stake in Merlin Solar Technologies Inc to 78.2 percent from an 8.2 percent investment in 2016, Ayala Corp told the stock exchange without providing details of the transaction.
Merlin, based in San Jose, California, offers solar application solutions to the transportation and infrastructure sector.
"This investment forms part of Ayala’s strategy, through AC Industrials, to boost its presence in the global and domestic industrial technologies spaces by capitalizing on opportunities arising from disruptive technological shifts, changing industry landscapes, and increasing demand from end-users," Ayala Corp told the stock exchange.
Shares of Ayala Corp were down 0.85 percent in early trading compared to a 0.37-percent decline on the main index.