ACEN Corp. said Friday it subscribed to shares of five of wholly-owned subsidiaries that won contracts to develop solar projects at Laguna Lake.
ACEN said in separate disclosures to the Philippine Stock Exchange it signed a subscription agreement with AC Laguna Solar Inc., SolarAce4 Energy Corp., AC Subic Solar,Inc., Ingrid2 Power Corp. and GigaWind1 Inc.
“The subscription price will be used by the SPV for development activities relating to renewable energy projects in the Philippines,” it said.
ACEN is taking a majority stake in the five RE companies.
The company said the infusions would enable the special purpose vehicles to pay for the required bid amounts for the use of the renewable energy areas in Laguna Lake that the Laguna Lake Development Authority bid out in 2022.
ACEN subscribed to 12 million common shares and 403 million redeemable preferred shares (RPS) shares of AC Laguna for P415 million at P1 per share.
The shares represent 99 percent of the company’s shareholdings, and ACEN will pay an initial P103.75 million for the subscription.
The company also subscribed to 1.2 million common shares and 210.6 million RPS of SolarAce4 for P211.8 million for P1 per share. The subscribed shares is equivalent to 97.2 percent of the total outstanding shares of the company. ACEN’s initial payment of the subscription price is P52.95 million.
ACEN will also pay out P372 million to subscribe to 12 million common shares and 360 million RPS shares in AC Subic at P1 apiece. The shares are equivalent to 98.9 percent of the total outstanding shares of AC Subic.
ACEN subscribed to 136 million shares in Ingrid2 Power equivalent to 99.7 percent of the outstanding shares of the company for P136 million at P1 per share. ACEN will pay an initial subscription price for P34 million.
The company also subscribed to 1.2 million common shares and 326.4 million RPS in GigaWind1 for P327.60 million. The shares account for 98.8 percent of the total outstanding shares of the company, and ACEN will pay P81.9 million as initial payment.
The full payment of the subscription price are subject to the regulatory approvals from the Securities and Exchange Commission (SEC) on the increase in authorized capital stock (ACS) of the SPV.