Ayala-backed AC Energy, a renewable power generation company, agreed to acquire the remaining 51.6% stake in UPC\AC Renewables Australia, a joint venture, from UPC Renewables, an independent renewable energy company, for $243m. “This transaction marks a strategic pivot for ACEN, as the company embarks on its first wholly owned development and operations platform outside of the Philippines. We are excited to scale up investment in our Australia platform, as we expect the country to accelerate its energy transition," Eric Francia, ACEN President and CEO.