SunScout acquires the 25 MWp AKELCO project on Panay Island, the first definitive deal within an 87.5 MWp Philippine portfolio developed with Alta Renewables.

SunScout Holding Limited has signed a definitive Share Purchase and Project Development Agreement, dated August 23, 2026, with the shareholders of Anaya 1 Power Corporation and Alta Renewables, Inc. The agreement covers the acquisition of the AKELCO solar-plus-storage project, with a capacity of 25.0 megawatts-peak (MWp), located on Panay Island in the Philippines. According to the company, the project is expected to add approximately US$25 million to revenue during its construction phase. Once the plant is operating, SunScout will also become its maintenance provider, in a global solar operations-and-maintenance market that has reached 348 GW according to Wood Mackenzie.

Deal structure and financial terms

The purchase price stands at US$2.5 million for 100% of Anaya 1 Power Corporation, the project company. The amount will be paid 80% upon confirmation of "Ready-to-Build" (RTB) status and 20% upon the Energy Regulatory Commission's provisional approval of the power supply agreement (PSA). The project combines a 25.0 MWp DC solar plant, with 10.0 MW of AC export capacity, with a battery energy storage system of approximately 13.0 MW / 26.7 MWh. The 20-year PSA, signed with Aklan Electric Cooperative, Inc. (AKELCO), sets a fixed tariff of PHP 6.035 per kilowatt-hour, or approximately US$0.098/kWh. RTB status is targeted for September 2026.

Under the build-own-operate structure, SunScout will fund the plant's construction and act as engineering, procurement and construction (EPC) contractor of record, before becoming the operation-and-maintenance (O&M) provider once the plant is running. The company will retain ownership of the asset for the full 20-year term of the PSA, subject to a buy-in option held by Alta Renewables. Alta Renewables remains the local O&M partner and can acquire up to 33% of the project company's equity at any time between the start of construction and commercial operation. Moritz Sticher, Senior Advisor at Apricum, acted as transaction advisor for Alta Renewables.

First definitive deal in an 87.5 MWp Philippine portfolio

This agreement is the first definitive contract executed under the memorandum of understanding signed between SunScout and Alta Renewables on August 14, 2026. That memorandum provides for SunScout to build, own and operate a portfolio of four shovel-ready solar-plus-storage projects totaling 87.5 MWp across the Philippines. Definitive agreements for the remaining three projects, located in Luzon and the Visayas, are expected to follow a similar structure, according to the company. This type of financing arrangement echoes the structure recently adopted by Hindustan Power for a 435 MWp solar project in India.

Once operating, the AKELCO plant is expected to generate average annual revenue of approximately US$3.6 million and average annual free cash flow of approximately US$1.2 million over the full 20-year term of the PSA, according to SunScout's projections. Land option and lease arrangements are already in place for the site.

Closing conditions and executive reactions

Closing of the transaction remains subject to confirmation of the RTB Certificate, customary closing conditions, and formal board adoption by the parties. There is no assurance that the transaction will be completed on the terms described, or at all, the announcement states.

"This is our first definitive agreement since signing the MOU two weeks ago, and the numbers are exactly why we like this model — US$25 million of construction revenue on one plant, then US$1.2 million of free cash flow every year for 20 years under a fixed-price contract," said Edwin Cywinski, Chairman and Chief Executive Officer of SunScout. John Michael Bernil, Director and Chief Executive Officer of Alta Renewables, said the agreement "puts real terms behind what we announced in August," adding that his company remains involved as an operating partner, with an option to invest alongside SunScout.